Key findings show that in addition to being useful for investors, ACCA's work identified three other benefits of Key audit matters (KAM):
- Disclosure of KAM stimulates better governance
- Disclosure of KAM supports better audit quality
- Disclosure of KAM encourages better corporate reporting.
It is important that audit firms are given encouragement to improve their implementation of the standard, through proportionate and sensible regulation. ACCA's report also identifies some areas for potential improvement in future years and highlights some examples of good practice.
