Interesting way of reporting key audit matters

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Marek Muc
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Interesting way of reporting key audit matters

Post by Marek Muc »

I was browsing the annual report of the IFRS foundation* and noticed an interesting visualisation of key audit matters and other risks in audit report by GT:
GT.PNG
I think this approach can be very useful as opposed to the usual binary approach taken by auditors

https://www.ifrs.org/content/dam/ifrs/a ... t-2021.pdf

*yeah I know - get a life ;)
Leo
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Re: Interesting way of reporting key audit matters

Post by Leo »

GT, they are so transparent about their audit strategy. I don't know if it's because of the activity which is a non profit organisation or anything else.
JRSB
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Re: Interesting way of reporting key audit matters

Post by JRSB »

Yes they like their diagrams in corporates too. The problem with 'other risks' is that the list could be endless, really the audit report should only show the KAMs and sig risks in my view
Leo
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Re: Interesting way of reporting key audit matters

Post by Leo »

I guess IASB want to be as transparent as possible because it's their pledge.

Not sure all corporations are happy with this level of transparency.
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Marek Muc
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Re: Interesting way of reporting key audit matters

Post by Marek Muc »

You're right JRSB, there's no point is showing items that scored 'low' on both axis
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