This article discusses the concept of Key Audit Matters (KAM) in the banking industry. It explains the importance of disclosing KAMs in the audit report and provides case studies from major banks in Australia. The article covers topics such as impairment provisions of loans, transition to new accounting standards, valuation of financial instruments, and IT systems and control environment. It highlights the significance of identifying and assessing key matters that can affect the financial statements and informs stakeholders about potential risks.