Audit CA Inter Class 27 | SA 701

Описание: SA 701 – Communicating Key Audit Matters in the Independent Auditor’s Report
Faculty – CA Tara Chand Agarwal
Subject – Standards on Auditing | CA Inter / CA Final | Audit & Assurance

🔹 Course Description:
In this detailed class on SA 701, we explain the auditor’s responsibility to determine and communicate Key Audit Matters (KAMs) in the Independent Auditor’s Report. This Standard is an integral part of the Standards on Auditing applicable in India and is mandatory for statutory audits of listed entities and when required by law or professional judgment.

🔍 What You Will Learn in This Lecture:

Purpose & Objective of SA 701 – Understand why communicating Key Audit Matters enhances transparency and improves the usefulness of the auditor’s report for intended users.

Definition of Key Audit Matters – Matters of most significance in the audit that required significant auditor attention.

How to Determine KAMs – Professional judgment, areas of higher assessed risk, significant management estimates, and effect of major events on audit procedures.

Reporting & Communication Requirements – How to present KAMs in the auditor’s report under the heading “Key Audit Matters” with clear sub-headings.

What SA 701 is Not – Clarifying KAMs are not:
– a substitute for financial statements disclosures
– a substitute for expressing a modified opinion under SA 705 (Revised)
– a separate or additional audit opinion on individual matters.

Practical Examples & Documentation Requirements — Real-world case illustrations and audit file documentation.

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