The survey published by Accountancy Europe provides insights on auditor’s reporting on key audit matters for more than 60 European banks. It aims to facilitate communication between banks, auditors and stakeholders on this important new requirement.
Audit quality is vital for people to be able to rely on company information and have trust in markets. Communicating key audit matters (KAMs) in the auditor’s report is a relatively recent requirement to support the quality of audits. Auditor’s reporting of KAMs responds to the growing demand of investors and stakeholders for more transparency and insight in the audit process.
The banking sector is a pillar of EU economic growth and auditors are now producing more informative and insightful reports to contribute to the sector’s public trust and stability.
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