CAPIC REVIEW

Journal of Accounting, Auditing and Business Management

ISSN 0718-4662

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Vol. 21 (2023): CAPIC REVIEW
Investigation

Key Audit Matters: what have we already achieved?

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  • Otávio Araújo De Carvalho,
  • Laura Edith Taboada Pinheiro,
  • Flávia Silva De Lima Duque
Otávio Araújo De Carvalho
Universidade Federal de Minas Gerais
Bio
Laura Edith Taboada Pinheiro
Universidade Federal de Minas Gerais
Bio
Flávia Silva De Lima Duque
Universidad Federal de Minas Gerais
Bio
DOI: https://doi.org/10.35928/cr.vol21.2023.177
Categories

Published 2023-05-03

Keywords

  • audit,
  • audit report,
  • KAM,
  • key audit matters

How to Cite

Araújo De Carvalho, O., Taboada Pinheiro, L. E., & Silva De Lima Duque, F. (2023). Key Audit Matters: what have we already achieved?. CAPIC REVIEW, 21, 1–14. https://doi.org/10.35928/cr.vol21.2023.177

Copyright (c) 2023 Otávio Araújo De Carvalho, Laura Edith Taboada Pinheiro, Flávia Silva De Lima Duque

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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Abstract

In 2015, the IAASB introduced Key Audit Matters (KAM) in audit reports through ISA 701, with the objective of making this report more informative and transparent. It is pertinent to verify in the literature, what are the results achieved since its implementation.
The objective of this study is to map the academic output in order to systematically summarize and evaluate the research on Key Audit Matters (KAM).
The method applied was the Knowledge Development Process - Constructivist (ProKnow - C), with a view to assisting in the selection of a bibliographic portfolio, composed of relevant international studies.
From the results obtained, the following lines of research can be drawn from the literature on KAMs: (i) informational value; (ii) impact on auditor's liability and fees; (iii) quantity and types; (iv) readability; and an initial discussion of the (v) repetition of these issues. There is also evidence that KAMs have informational value to users and may affect the independent auditors perception of responsibility; moreover, the characteristics of audit firms and audited firms influence the type, quantity and readability of KAMs. An initial topic in the literature is the impact of KAM repetition on information users. from the evidence, there is a perceived need for research that assesses users' perceptions of KAM disclosure.

 

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