Answer
An Emphasis of Matter (EOM) paragraph draws users' attention to a matter appropriately presented or disclosed in the financial statements that is fundamental to their understanding—without modifying the opinion. Examples: a significant uncertainty (e.g., major litigation), an early application of a new standard, or a major catastrophe. It refers to information already in the notes.
Real-world example The report adds an Emphasis of Matter highlighting pending litigation that is disclosed in the notes, without qualifying the opinion.