Key Audit Matters
AccountingThe section of an audit report naming the areas the auditors found most difficult to verify.
In plain terms
A professional pointing directly at the riskiest numbers in the accounts. Read it first.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Auditor’s report
AccountingThe document accompanying the financial statements in which the auditors set out their opinion, the basis for it, and the Key Audit Matters.
In plain terms
The one section of an annual report not written by the company. Read it before the chairman's letter, and note that a single word carries the verdict — unmodified.