The Key Audit Matter (KAM) practices: the review of first year experience in Thailand
Keywords:
Key audit matter, auditor’s report, information content , format presentation , content analysis, ThailandAbstract
In response to concerns regarding the informativeness of the auditor’s report, audit standard setters around the world have developed several changes to the current pass/fail audit reporting model. One of the most significant changes is the inclusion of Key Audit Matter (KAM) in the auditor’s report. This new auditing standard is now effective in many countries, Thailand being one of them. The objective of this paper is to explore the extent of KAM analysis and its various elements, and the contents that are being disclosed for the first time in Thailand. The study reported that the auditors utilize KAM as communication channel to convey additional information in the auditor’s report. The format and content of KAM vary across firms. Many audit firms have developed different approaches to the reporting of the KAM, for example, reporting audit findings, presentation of KAM, and the length of KAM. The results of this study should provide preliminary insights about the implementation of these changes to both standard setters and users of financial statement.
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