摘要：This article presents a literature review of 49 empirical studies on key audit matter (KAM) disclosure in audit reports.The study involves a structured literature review on KAM disclosure based on the reactions of stakeholders.The limitations of former stud_x005f_x005f_x005f?ies and useful recommendations for research are stressed.Five major streams of em?pirical research that analyze the impact of KAM disclosure on stakeholders’ reactions are focused:(1) shareholders (e.g.investors’ perceptions of auditors’ responsibility and litigation,value relevance and investors’ decisions);(2) debtholders (e.g.loan contract?ing terms);(3) external auditors (e.g.audit processes and audit fees);(4) boards of directors (e.g.earnings management);and (5) other stakeholders (e.g.informational value for suppliers and customers).The authors stress that most of the included stud?ies use experimental or archival data and analyze the impact of KAM disclosure on investor reactions in a US-American setting.As the international standard setters as?sume a positive impact of KAM on stakeholder reactions,mixed empirical results are found.Although there are some indications of decreased earnings management behav?ior,most studies find no significant changes in auditor behavior.Furthermore,there are many insignificant results with regard to shareholders’ reaction in line with our stakeholder and behavioral agency framework.The literature review is especially use?ful for management decisions,because firm reputation may be positively or negatively influenced by KAM regulations.
关键词：This article presents a literature review of 49 empirical studies on key audit matter (KAM) disclosure in audit reports.The study involves a structured literature review on KAM disclosure based on the reactions of stakeholders.The limitations of former stud_x005f_x005f_x005f?ies and useful recommendations for research are stressed.Five major streams of em?pirical research that analyze the impact of KAM disclosure on stakeholders’ reactions are focused:(1) shareholders (e.g.investors’ perceptions of auditors’ responsibility and litigation,value relevance and investors’ decisions);(2) debtholders (e.g.loan contract?ing terms);(3) external auditors (e.g.audit processes and audit fees);(4) boards of directors (e.g.earnings management);and (5) other stakeholders (e.g.informational value for suppliers and customers).The authors stress that most of the included stud?ies use experimental or archival data and analyze the impact of KAM disclosure on investor reactions in a US-American setting.As the international standard setters as?sume a positive impact of KAM on stakeholder reactions,mixed empirical results are found.Although there are some indications of decreased earnings management behav?ior,most studies find no significant changes in auditor behavior.Furthermore,there are many insignificant results with regard to shareholders’ reaction in line with our stakeholder and behavioral agency framework.The literature review is especially use?ful for management decisions,because firm reputation may be positively or negatively influenced by KAM regulations.
