Importance of ASA701 in Communicating Key Audit Matters in Independent Auditor's Report
VerifiedAI Summary
This article explains the importance of ASA701 in communicating key audit matters in the independent auditor's report. It also analyzes the audit reports of companies in the retail industry in Australia to see if the standard has been followed. The article highlights the role of auditors in making the overall audit more transparent and helpful for investors. It also emphasizes the need for auditors to follow their code of ethics and professionalism. The article concludes that the auditor of the company has done their work to the best of their abilities and have given their own opinion on the financial position of the company.
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