ASA 701 - Communicating Key Audit Matters in the Independent Auditor’s Report - December 2015
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This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
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ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Auditing Standard ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (as Amended)
This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 2 March 2023 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 701 (December 2015) as amended by other Auditing Standards which are listed in the Table below.
Auditing Standard ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A64.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
The following scope paragraph is additional to ISA 701:
Paragraph Aus 5.1 indicates that key audit matters are not required to be communicated in auditor’s reports on condensed financial reports prepared in accordance with AASB 134 Interim Financial Reporting.
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISA 701 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 701.
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