ISA (NZ) 701

Communicating Key Audit Matters in the Independent Auditor’s Report

Deals with the auditor’s responsibility to communicate key audit matters (KAM) in the auditor’s report.

In New Zealand, the requirement to report KAM applies to auditors’ reports for all FMC reporting entities considered to have a higher level of public accountability.

It also applies when the auditor is required by law or regulation to communicate KAM for other entities or when the auditor decides to communicate KAM on a voluntary basis.


Effective for audits of financial statements for periods as indicated. Also applies to subsequent annual reporting periods until that standard is superseded by a new/amended/revised standard. Versions prior to the Previous version below will have been archived.

  • ISA (NZ) 701 – Periods beginning on or after 15 Dec 2021 (early adoption permitted)

    Date of issue: Oct 2015

    Date compiled: 22 Jun 2021

Amendments

  • Conforming Amendments arising from Quality Management Project – Periods beginning on or after 15 Dec 2022 (early adoption permitted)

    Date of issue: Jul 2021

New version not yet mandatory

  • ISA (NZ) 701 – Periods beginning on or after
    15 Dec 2022 (early adoption permitted)

    Date of issue: Oct 2015

    Date compiled: 15 May 2022

Previous version

  • ISA (NZ) 701 – Periods beginning on or after
    15 Dec 2019

    Date of issue: Oct 2015

    Date compiled: 8 Nov 2018