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Is it true that for companies that are not listed the audit report doesnt contain key audit matter paragraph? Or is it a matter of choice whether or not to include KAM in the audit report of an unlisted company?
ISA 701 states:
This ISA applies to audits of complete sets of general purpose financial statements of listed entities and circumstances when the auditor otherwise decides to communicate key audit matters in the auditor’s report.
So, KAMs can be included in the audit report of an unlisted company and must be in reports for listed companies.
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