The auditor’s report snapshot provides an overview of the current state of play of enhanced auditor reporting in Australia. From 15 December 2016 all listed entities auditor’s reports will be required to provide information about Key Audit Matters (KAMs). Ahead of the effective date some enhanced auditor’s reports have been released. Here we share our insight and observations to date.
As at 31 August 2016 sixteen audit reports have been released with Key Audit Matters (KAMs), across entities in a range of industries. All Big 4 firms are represented.
The Key Audit Matters: Auditor’s report snapshot series provides Audit Committees with the current state of play of enhanced auditor’s reports published in Australia.
 Based on Australian auditor’s reports KPMG viewed between 1 July and 31 August 2016.
 The new auditing standard requiring the inclusion of Key Audit Matters (KAMs) is released and operative for listed entities with years ending on or after 15 December 2016.
 Key Audit Matters (KAMs) are those matters that required significant auditor attention in performing the audit, ASA 701Communicating Key Audit Matters in the Independent Auditor’s Report issued by the Australian Auditing and Assurance Standards Board.
 Cochlear Limited Independent Auditor’s Report on 30 June 2016 financial report.
 Suncorp Group Limited Independent Auditor’s Report on 30 June 2016 financial report.