ACCA AA · Chapter 13 · Question 9 of 12
Under ISA 701, from which matters does the auditor select key audit matters?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Matters communicated with those charged with governance that required significant auditor attention
Explanation
Key audit matters are those of most significance in the audit of the current period, selected from matters communicated with those charged with governance that required significant auditor attention. They are required for audits of listed entities. A matter giving rise to a modified opinion is reported in the Basis for Opinion section rather than as a key audit matter.
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