Key Audit Matters in the Mining Industry

This report discusses the importance of key audit matters in the mining industry and their impact on financial statements. It explores the new standard ASA 701 and its relevance in bringing transparency and accountability to the business environment. The report analyzes the key audit matters in Alumina Limited, Evolution Mining, CSR Limited, BHP Billiton, and Fortescue Metals Group. It also examines the case of Lehman Brothers and the downfall of the company due to auditing failures. The report provides insights into the auditing process and the role of auditors in identifying and reporting key audit matters.