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The audit opinion reflected in the audit report adds credibility to the financial statements of the audited entity. In recent times, investors and other statement users believed that the audit report could be more informative. Hence, there have been substantial changes in the auditing standards pertaining to reporting.
In this regard, key audit matters are now included in the audit report. Key audit matters are matters that, in the auditor's professional judgment, were of most significance in the audit of the financial statements. More so, the nature of the audit is more extensively described in the audit report. There is also a requirement to report on the audit report certain material uncertainties that are disclosed in the notes to the financial statements. These, among others, must now be considered by the auditor.
It is for the above reason that this seminar is to be conducted.
