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Reporting

Specific examples include:

 Significant fraud risk

 Goodwill

 Valuation of financial instruments

 Fair values

 Effects of new accounting standards

 Revenue recognition

 Material provisions such as a restructuring provision

 Implementation of a new IT system, or significant changes to an existing system

Note that a matter giving rise to a qualified or adverse opinion, or a material
uncertainty related to going concern are by their nature key audit matters.

However, they would not be described in this section of the report. Instead, a
reference to the Basis for qualified or adverse opinion or the going concern section
would be included.

If there are no key audit matters to communicate, the auditor shall:

 Discuss this with the engagement quality control reviewer, if one has been
appointed.

 Communicate this conclusion to those charged with governance.

 Explain in the key audit matters section of the auditor's report that there are no
matters to report.

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