A Journal of Practice & Theory

Running Head:AUDITING AND ASSURANCE IN AUSTRALIA
Auditing and assurance in Australia
Name of the Student:
Name of the University:
Author Note:

1Determination of the key audit mattersDetermination of the key audit mattersAUDITING AND ASSURANCE IN AUSTRALIA
Executive summary
In this report it is discussed about the new auditing standards ASA 701 which is for
communicating the key Audit matters. Choosing the mining companies listed in the Australian
stock exchange and evaluating their annual report of 2019 to find the key audit matter analysis
made in it.

2Determination of the key audit mattersDetermination of the key audit mattersAUDITING AND ASSURANCE IN AUSTRALIA
Table of Contents
Introduction..........................................................................................................................3
Determination of the key audit matters...............................................................................5
Key audit matters.................................................................................................................6
Altura Mining limited......................................................................................................6
Aspire Mining limited......................................................................................................7
Auking Mining Limited...................................................................................................7
Aus Tin Mining Limited..................................................................................................8
Ausmex mining group limited.........................................................................................9
Australia United mining limited......................................................................................9
Axiom Mining Limited..................................................................................................10
Conclusion.........................................................................................................................10
Reference list.....................................................................................................................12

3Determination of the key audit mattersDetermination of the key audit mattersAUDITING AND ASSURANCE IN AUSTRALIA
Introduction
Auditing and Assurance Standard Board (AUASB) have issued the Auditing Standard
ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report. The AUASB
has been established as an independent statutory committee of the government of Australia under
the section 227A of the Australian Securities and Investments Commission Act 2001. The AUSB
has the right to make standards of Auditing for the purpose of legislations of corporations under
section 336 of the Companies Act 2001 (Auasb.gov.au. 2020). These standards of accounting
have been treated as the instruments of legislative under the Legislative Instruments Act 2003.
This Auditing Standard has been prepared to represent the equivalent of Australian ISA
701 Communicating Key Audit Matters in the Independent Auditor’s Report in the month of
January in the year 2015. Therefore, the differences which have been made in accordance with
the environment of Australian legislative in the ISA 701 are included in this Auditing Standard
701. The ISA 701 has been revises as ASA 701 in order to maintain the quality of audit
especially in the areas where it is mandatory to do so (Brunelli 2018). The application and the
other relevant materials related to the communication of the key audit matters (KAM) in the
independent auditor’s report are being established and provided by this auditing standard. The
commitment of the AUASB to maintain the conformity with the recent enhancements which
have been made for the purpose of reporting of audit by the International Auditing and
Assurance Standards Board is reflected in the introduction of ASA 701 (Simnett and Vanstraelen
2016).
Features of Auditing Standard ASA 701 Communicating Key Audit Matters in the
Independent Auditor’s Report