This report provides a comprehensive analysis of key audit matters in auditing and assurance, focusing on the application of the new auditing standard ASA 701, which was introduced in response to the global financial crisis and corporate failures like Lehman Brothers. The report delves into the rationale, objectives, application, and requirements of key audit matters, highlighting their importance in enhancing the communicative value of financial reports and aiding stakeholders in making informed decisions. It examines the significance of going concern, as per ASA 570, and its relevance to auditors. Furthermore, the report analyzes key audit matters in the banking sector, comparing and contrasting the practices of major Australian banks such as Westpac, Bank of Queensland, Commonwealth Bank, National Bank of Australia, Medibank Private Limited, and ANZ Bank. The analysis demonstrates how the presentation of key audit matters serves its purpose by enabling investors to make well-informed decisions based on a clear understanding of significant audit findings and their impact on the financial statements.
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