OUR STUDY ON KEY AUDIT MATTERS
Why UK audit reports?
The UK has anticipated the changes embedded in the new auditor’s report and adopted a new standard on
the auditor’s report in 2013. The reading of the 2014 audit reports of UK listed entities (especially FTSE
100 companies) provides an insight into what is expected in terms of communication in the new auditor’s
report according to the ISAs for the audit reports on the 2016 financial statements.
Note that the UK regulation goes even beyond the obligations of the ISAs: for example, the UK auditors
have communicated in their auditor’s reports on materiality and scoping considerations for group audits,
which is not required by the ISAs.
I. General overview of the key audit matters
II. Key audit matters by sector
III. Weight of the sectors for each key audit matter