Can you explain the term key audit matters according to IAS 7?

IAS 7 does not prescribe the key audit matters. It is ISA 701 and reads as follows:

 

Key audit matters—Those matters that, in the auditor’s professional judgment, were of most

significance in the audit of the financial statements of the current period. Key audit matters are

selected from matters communicated with those charged with governance.

IAS 701 prescribe the audit k ey matters _It deals with the auditor's responsibility to communicate key audit matters in the auditor's report