Auditor Reporting Requirements now in effect

All auditor's reports now look different and communicate more to users. The most significant change is the communication of Key Audit Matters (KAMs) in the auditor’s reports for listed entities.

AUASB Chair Roger Simnett said, “The aim of the enhanced auditor's report is to increase the public’s confidence in both the audit process and the company financial statements". 

"The audit report achieves this by providing investors with greater transparency and insights into the auditor’s responsibilities, as well as the audit process and the procedures the auditor performed on the KAMs for listed entities”.