Document ID: chunk:federal_register_of_legislation:F2023C01136:reg:9:p5
Version: federal_register_of_legislation:F2023C01136
Segment Type: reg
Provision Reference: reg 9 (pt 5/24)
Character Range: 17731–20717

with ASA 705, or a material uncertainty related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern in accordance with ASA 570, are by their nature key audit matters.  However, in such circumstances, these matters shall not be described in the Key Audit Matters section of the auditor's report and the requirements in paragraphs 13–14 of this Auditing Standard do not apply.  Rather, the auditor shall:

(a)                Report on these matter(s) in accordance with the applicable Australian Auditing Standards; and

(b)                Include a reference to the Basis for Qualified (Adverse) Opinion or the Material Uncertainty Related to Going Concern section(s) in the Key Audit Matters section.  (Ref: Para. A6–A7)

Form and Content of the Key Audit Matters Section in Other Circumstances

16.               If the auditor determines, depending on the facts and circumstances of the entity and the audit, that there are no key audit matters to communicate or that the only key audit matters communicated are those matters addressed by paragraph 15 of this Auditing Standard, the auditor shall include a statement to this effect in a separate section of the auditor's report under the heading "Key Audit Matters." (Ref: Para. A57–A59)

Communication with Those Charged with Governance

17.               The auditor shall communicate with those charged with governance:

(a)                Those matters the auditor has determined to be the key audit matters; or

(b)                If applicable, depending on the facts and circumstances of the entity and the audit, the auditor's determination that there are no key audit matters to communicate in the auditor's report.  (Ref: Para. A60–A63)

Documentation

18.               The auditor shall include in the audit documentation:[6] (Ref: Para. A64)

(a)                The matters that required significant auditor attention as determined in accordance with paragraph 9 of this Auditing Standard, and the rationale for the auditor's determination as to whether or not each of these matters is a key audit matter in accordance with paragraph 10 of this Auditing Standard;

(b)                Where applicable, the rationale for the auditor's determination that there are no key audit matters to communicate in the auditor's report or that the only key audit matters to communicate are those matters addressed by paragraph 15 of this Auditing Standard; and

(c)                Where applicable, the rationale for the auditor's determination not to communicate in the auditor's report a matter determined to be a key audit matter.

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Application and Other Explanatory Material

Scope of this Auditing Standard (Ref: Para. 2)

A1.             Significance can be described as the relative importance of a matter, taken in context.  The significance of a matter is judged by the auditor in the context in which it is being considered.  Significance can be considered