CAS 701: Communicating Key Audit Matters
Requires the auditor to communicate Key Audit Matters (KAMs) in the auditor's report for audits of listed entities.
Why CAS 701 matters
KAM communication is mandatory for Canadian reporting issuers. KAMs become a public window into auditor judgment.
Framework: Canadian Auditing Standards (CAS)
CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Primary source: FRAS Canada
Frequently asked
What is CAS 701?
Requires the auditor to communicate Key Audit Matters (KAMs) in the auditor's report for audits of listed entities.
Why does CAS 701 matter for an audit?
KAM communication is mandatory for Canadian reporting issuers. KAMs become a public window into auditor judgment.
Which framework does CAS 701 belong to?
CAS 701 falls under Canadian Auditing Standards (CAS). CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Related standards — Canadian Auditing Standards (CAS)
- CAS 200 — Overall Objectives of the Independent Auditor
- CAS 210 — Agreeing the Terms of Audit Engagements
- CAS 220 — Quality Management for an Audit of Financial Statements
- CAS 230 — Audit Documentation
- CAS 240 — The Auditor's Responsibilities Relating to Fraud
- CAS 250 — Consideration of Laws and Regulations
See how Auditus checks CAS 701
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 701.