This book is an attempt to make the understanding of the key Audit matters simple and useful for practical use. The desire to write this book arose from the fact that key Audit matters (KAM’s) have been introduced in India a year after they were mandated in international jurisdictions. Author has considered it useful for auditors, as they will have some visibility into how KAM’s have been reported in other jurisdictions and in India. The book contains 9 chapters. It commences with a discussion on the format and structure of Audit reports at present in Chapter 1. chapter 2 summarizes SA 701- The auditing standard for key Audit matters. chapter 3 contains a detailed Analysis of Kam’s reported both abroad and in India. The analysis contains the types of Kam’s report and their numbers. Acca has done some research on Kama and their report is reproduced in Chapter 4. In Chapter 5, The future of Audit reports have been discussed and all related auditing standards ( SA 701, 706, 710, 720) have also been covered. Permission has been obtained from the Institute of chartered accountants of India to reproduce their standards on auditing. Chapters 7, 8 and 9 contains fans on SA 701, a Reproduction of isa 710 and as 3101- The US GAAP equivalent of isa 701. The book concludes with an afterword.

Key features of the book

• Relevant for reporting key Audit matters (KAM) for the year ended 31/03/2019 and onwards
• Discussion on the latest Audit report formats having key Audit matters
• Industry – wise analysis of key Audit matters published globally
• Extracts of key Audit matters from the reports of the international entities
• analysis of the research report on KAMs issued by ‘the association of chartered Certified accountants (ACCA)
• Discusses qualifications, emphasis of matters and key Audit matters
• Contains FAQs on key Audit matters published by ICAI
• Covers ISA 701 – reporting key Audit matters contains
• Auditing Standards related to key auditing matters.

• 1 Audit Reports At Present - A Discussion
• 2 Summary Of SA 701 Communating Key Audit Matters In The Independent Auditor's Report
  
• 3 In-depth Analysis Of Kams
  
• 4 ACCA Research Report On KAM - Unlocking The Secrets Of The Audit
  
• 5 The Future Of Audit Reports - A Discussion
  
• 6 Standards On Auditing (SA) 701, 200, 706, 710 And 720
  
• 7 Frequently Asked Questions (FAQS) On SA 701
  
• 8 SA 701 Communicating Key Audit Matters In The Independent Auditor's Report
  
• 9 AS 3101: The Auditor's Report On An Audit Of Financial Statements When The Auditor Expresses An Unqualified Opinion