What information is included in the Key Audit Matters section of the audit report?
A)A listing of matters where management disagreed with the auditor's final assessment.
B)A list of management's assertions regarding the financial statements.
C)A listing of matters that the auditor has judged to be the most significant in the audit of the financial statements.
D)A list of material misstatements identified in the course of the audit of the financial statements.

Question

Quizplus · Accepted Answer

The Key Audit Matters section of the audit report includes a listing of matters that the auditor has judged to be the most significant in the audit of the financial statements. This helps stakeholders understand the areas of the financial statements that required the most attention from the auditor during the audit process. Options A is incorrect because management disagreement with the auditor's final assessment would be mentioned in a separate section of the audit report. Option B is incorrect because management's assertions regarding the financial statements would be discussed in the Management's Responsibility section of the audit report. Option D is incorrect because material misstatements identified in the course of the audit of the financial statements would be mentioned in the Basis for Opinion section of the audit report.

What Information Is Included in the Key Audit Matters Section