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The new audit report with key audit matters: Lessons from Thailand's first implementation

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  • Weerapong Kitiwong
  • Erboon Ekasingh
  • Naruanard Sarapaivanich

Abstract

Using a mixed method research design, this study is the first to provide comprehensive evidence of the impacts of Thailand's first implementation of the new audit report with key audit matters (KAMs), which took place in 2016. Survey evidence shows that the new audit report improves the informative value and effectively narrows the deficient‐standards and deficient‐performance gaps. Nonetheless, financial statement users have made new demands for information that lie beyond auditors' traditional responsibility. Moreover, marginally significant evidence from archival data shows that although the disclosure of KAMs increases audit fees and audit delays, it improves audit quality. However, the market does not value KAMs.

Suggested Citation

  • Weerapong Kitiwong & Erboon Ekasingh & Naruanard Sarapaivanich, 2024. "The new audit report with key audit matters: Lessons from Thailand's first implementation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(2), pages 1769-1803, June.
    • Handle: RePEc:bla:acctfi:v:64:y:2024:i:2:p:1769-1803
    DOI: 10.1111/acfi.13199
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