Key Audit Matters (KAM)
Matters that, in the auditor's professional judgment, were of most significance in the audit of the current period's financial statements, communicated under SA 701.
Related terms
- IT General Controls (ITGC)
Controls over the IT environment supporting financial reporting applications — access management, change management, and IT operations — distinct from controls within a specific business process.
- Joint Audit
An engagement where two or more audit firms are jointly responsible for the same audit, each taking responsibility for the work they perform and jointly for the report.
- Key Control
A control that, if it failed, would be unlikely to be detected by another control in time to prevent a material error — the controls an IFC testing plan should prioritise.
- Leave Encashment
Payment made to an employee for unused earned leave, either on separation or periodically — like gratuity, typically provided for on an actuarial basis for larger employers.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.