Page: 336
Appendix 5: Key Audit Matters — KPMG’s Implementation Plan
- The requirement to communicate KAMs in our auditors’ report will be effective for our audit of the December 21, 2022 financial statements, with an expected issuance date of June 2023.
- Timely and thoughtful ongoing communication with management and the audit committee through adoption is critical, including but not limited to
- Expected KAMs as a result of planning and interim reviews
- Drafts of expected KAMs
- KPMG’s process for review of KAMs includes pre-issuance review by our Department of Professional Practice of draft KAMs based on prior year and interim results
- Methodology, guidance, and training regarding KAMs will be primarily completed by January 2020, with minor updates expected during 2020.
- We anticipate providing draft KAMs to you during the 2022 audit.