Which of the following statements regarding key audit matters (KAMs)is not correct?
A)The auditor issues a separate opinion on identified KAMs.
B)The order of presentation of individual KAMs is a matter of professional judgment.
C)KAMs are a subset of matters communicated to those charged with corporate governance.
D)The nature of a KAM will vary according to the client's industry.

Question

Quizplus · Accepted Answer

The statement that the auditor issues a separate opinion on identified KAMs is incorrect. KAMs are specific areas of the audit that require significant attention, and the auditor is required to include them in the audit report within a separate section. However, the opinion expressed by the auditor relates to the financial statements as a whole and not to individual KAMs.

Which of the Following Statements Regarding Key Audit Matters (KAMs)is