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Hi Kim,
1. May i ask if KAM should be given precedence over EOMP and OMP in listed company ?
2. In addition, EOMP will be used if financial statement is prepared on the basis other than going concern basis, then what are those basis prepared other than going concern basis ? only break up basis happens then it will be used EOMP ?
1. There is no rule except that it’s logical that “other” should come after everything else. It is unlikely that one auditor’s report will contain all of EoM/KAM/MURGC – but it it did it would be up to the auditor to judge the order the most suitable order depending on the circumstances.
2. EoM is used to draw attention to anything disclosed in the notes other than MURGC which would have its own section. Break up/liquidation basis essentially mean the same thing and this is all you have to know. What you should appreciate however is that a good example of EoM is to draw attention to non-adjusting events after the reporting date.
in the new audit report structure for the listed company, KAM replaces OMP para isn’t ?
or is it like depending on circumstances, KAM may or may not replace OMP in listed company
It would be better to think of KAMs as defined – see page 113.
As defined, there were no requirements for these to be reported, prior to the revision of the reporting standards.
It may or may not be that some KAMs might have previously been reported as other matters. But there could still be other matters that are not KAMs because they do not meet all the criteria (e.g. if they did not require significant auditor judgement or attention).
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