Answer
ISA 700 governs forming an opinion and the standard form of the auditor's report on financial statements. ISA 701 introduces Key Audit Matters (KAMs)—those of most significance in the current-period audit—communicated in the reports of listed entities to increase transparency about areas of significant auditor attention.
Real-world example A listed company's audit report includes KAMs on goodwill impairment and revenue, as required by ISA 701.