Key audit matter (KAM)
ESG & GovernanceAn area that the auditor judged most significant in the audit, described in the audit report of listed companies.
Under SA 701, auditors of listed companies explain the key audit matters they focused on and how they addressed them. Common KAMs include revenue recognition, impairment of assets, loan loss provisions and inventory valuation. KAMs show where the accounts depend most on judgement. The same KAM on related-party revenue or loans appearing year after year deserves a closer look.
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