ISA 701: Key Audit Matters - An exploration of the rationale and possible unintended consequences in a South African
Journal of Economic and Financial Sciences
| Field | Value | |
| Title | ISA 701: Key Audit Matters - An exploration of the rationale and possible unintended consequences in a South African | |
| Creator | Segal, Milton | |
| Description | The New International Standard of Auditing (ISA) statement number 701 titled key audit matters (KAM) has been reported as one of the most significant changes to the audit profession and the manner in which audit reports are to be delivered. Effective from 15 December 2016, auditors for Johannesburg Stock Exchange (JSE) -listed companies will need to disclose key and significant transactions that occurred on the audit, even in the event of an unmodified audit opinion. The legislators describe this as increasing transparency and accountability to enhance the fairness of reporting and to assist the stakeholders with understanding the audited annual financial statements. This paper uses a detailed content analysis of prior academic and professional audit literature to explore possible unintended consequences, uncertainties and risks of the KAM. These include disclosure of potential confidential information and potentially increased auditor | |
| Publisher | AOSIS | |
| Date | 2017-11-06 | |
| Identifier | 10.4102/jef.v10i2.22 | |
| Source | Journal of Economic and Financial Sciences; Vol 10, No 2 (2017); 376-391 2312-2803 1995-7076 | |
| Language | eng | |
| Relation |
The following web links (URLs) may trigger a file download or direct you to an alternative webpage to gain access to a publication file format of the published article:
https://jefjournal.org.za/index.php/jef/article/view/22/21
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