Abstract:

The need for reliable, transparent and objective information has increased along with accounting scandals in recent years. In accordance with the information needs of  financial statement users,  their expectation from  audit reports varies. Along with the new audit reports, the uniform format in the audit reports leaves a new form specific to the companies. In this way, the audit reports are expected to be more explanatory for the financial statement users with each subject mentioned in the key audit matters section. In this sense, as the adoption process of  IAASB’s Projects, ISA 701 has entered  into force for companies traded on the stock market  in Turkey to be applied in audits of their financial statements for periods beginning on and after 1 January 2017. This study will address independent auditor's reports and the key audit matters within the framework of newly issued ISA 701 and give examples from the auditor’s  reports of the different countries related to key audit matters. 

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