What is the difference between emphasis on matter paragraph and key audit matter.

Question

Accepted Answer

Emphasis on matter paragraph highlights significant matters in financial statements while key audit matter focuses on significant audit matters.

Emphasis on matter paragraph is included in the auditor's report while key audit matter is a separate section.
Emphasis on matter paragraph highlights significant matters in the financial statements such as going concern, related party transactions, and significant accounting policies.
Key audit matter focuses on significant audit matters such as areas of high risk, complex accounting treatments, and significant management judgments.
Emphasis on matter paragraph is required for all audits while key audit matter is only required for audits of listed entities.
Emphasis on matter paragraph is more descriptive while key audit matter is more concise and standardized.

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