Question ID :
44866
Qualified opinion and Key Audit Matters
First Question :
What is the applicability of Key Audit Matters to Companies under Comapnies Act 2013
2. Second question
Whether Key Audit Matters are part of Qualified Opinion of Audit report of Companies under the Companies Act 2013.
Posted by
Dnyaneshwar Badrinath Tambe
on
May 30, 2025
Filed Under
Companies Act, 2013
Answer to first question:
As per SA 701, para 5- KAM is applicable for audits of listed company. For other entities. if the auditor wishes to report KAM, then it should be done as per SA 701.
Companies Act does not mandate reporting of KAM
Answer to second question:
KAM is not considered as a modified opinion. Also, KAM should not be used as a substitute of modified opinion. So for example, if opinion is required to be qualified then it should be clearly communicated as Qualified opinion rather than simply putting it only as a KAM
Posted by
KUMAR RAISINGHANI on
Oct 15, 2025