Task: The new auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditor’s Report is developed in the wake of the global financial crisis. This development is in response to calls from shareholders to know more about the companies they invest in. Further, investors have also requested earlier warnings of potential issues that may exist with respect to an entity’s ability to continue as a Going Concern which resulted in the revision of ASA 570 (ISA 570) Going Concern. Students are required to research into the rationale for the new auditing standard ASA 701 and explain clearly what it is. Each student selects an industry, eg. banking, mining, etc and analyse key audit matters in the independent auditor’s reports in the latest Annual Reports (i.e. for the year ended in 2019) of all companies in that industry in ASX Top 100 listed companies to evaluate the efficacy of reporting key audit matters in the independent auditor’s reports.
Subject Name: Audit
Level: Undergraduate
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