Bakgrund: Revisionens syfte är att genom en oberoende granskning minska den informationsasymmetri som finns mellan ägare och företagsledning. Nya regler angående bland annat innehållet i revisionsberättelsen trädde ikraft 2016 med syfte att bland annat minska det informationsgap som finns på marknaden. Vår studie har sin utgångspunkt i om mängden informationsasymmetri påverkar revisionskostnaden och om den nya lagändringens syfte uppnåtts.   Syfte: Studiens syfte är att förklara sambandet mellan informationsasymmetri och revisionskostnad i svenska börsbolag. En jämförelse görs även mellan år 2015 och 2016 för att se om de nya kraven på revisionsberättelsen har någon inverkan på informationsasymmetri och revisionskostnad samt sambandet dem emellan.   Metod: Studien har en deduktiv forskningsansats där agentteorin varit utgångspunkt för att härleda hypoteser. Urvalet i den kvantitativa forskningsmetoden har varit svenska bolag listade på small-, mid- och largecap åren 2015 och 2016.   Resultat: Studiens resultat har visat på att det det finns ett negativt samband mellan informationsasymmetri och revisionskostnad. Det kan också konstateras att den nya revisionsberättelsen inte bidragit med en minskad informationsasymmetri och inte heller en ökad revisionskostnad. / Background: The aim of audit is to independently review and reduce the information asymmetry that exists between the owners and management of the firm. A new law about the content of the audit report was implemented 2016 with the purpose of reducing the information gap on the market. Our study is based on whether or not the amount of information asymmetry affects the audit fee and if the purpose of the new law has been reached. Purpose: The purpose of the study is to explain the relationship between information asymmetry and audit fee in Swedish companies listed on the stock exchange market. A comparison between the years of 2015 and 2016 is made to investigate if the new requirements on the audit report have any affection on the information asymmetry, audit fee and the relationship in between. Method: The study has a deductive research approach with the base of agency theory to deduce hypotheses. The sample in the quantitative research methodology consists of Swedish companies listed on small-, mid- and largecap 2015 and 2016. Conclusions: The result of the study concludes that there is a negative relationship between information asymmetry and audit fees. It can also be concluded that the new audit report does not contribute to a reduction of information asymmetry nor an increased audit fee.

The previous audit report has been considered too standardized which has led to debates about its value and relevance as it was considered to have no direct connection to the company. With the financial crisis and audit scandals as a catalyst in the early 2000s, the process to create a new audit report was initiated. This resulted in that IAASB implemented a number of new standards that would affect the form of the auditor's report but also the content in 2016. One of these new standards was ISA 701, which infer that all listed companies must communicate Key Audit Matters. The purpose of this part of the audit report is to provide stakeholders with more qualitative information about the audit and entity specific information. Discussions have taken place as to whether KAM works in practice to provide relevant information that is unique to the company and thus increase the audit report's value and relevance. Some believe that KAM will generate more entity specific information, while others express that there may be reason to assume that the new section will be a new standardized part of the new audit report.  The purpose of this study is to examine the direction of development for communication of KAM in a Swedish context. Furthermore this study aims to examine whether there is a direction of development with elements of tendencies towards a standardization of KAM. To examine the purpose of the study, a random sample of 100 companies operating in the regulated market was conducted. The audit reports have been studied with the help of an content analysis for the period 2016–2020. The study seeks support in agent theory, institutional theory but also previous research on structure and KAM in analysis of the direction of development for KAM.  The study can provide support for a direction of development that has tendencies towards standardization in the form of a uniform structure regarding its length and how many KAMs that are communicated. Nevertheless, the study can also support a direction of development with a lack of standardization regards to the communicated KAM company-specific character that has been relatively unchanged during the period. Taking into account the observations made by the study, the study cannot draw unequivocal conclusions that there is a direction of development with tendencies towards standardization of the communication of KAM for Swedish companies. / Den tidigare revisionsberättelsen har ansetts vara alltför standardiserad vilket har lett till debatter kring dess värde samt relevans då den saknar direkt anknytning till företaget. Med finanskrisen och revisionsskandaler som katalysator i början av 2000-talet initierades arbetet för att skapa en ny revisionsberättelse. Detta resulterade i att IAASB implementerade ett antal nya standarder som skulle komma att påverka revisionsberättelsens utformning men även innehåll år 2016. En av dessa nya standarder var ISA 701 som innebär att bolag som verkar på en reglerad marknad ska kommunicera Särskilt Betydelsefulla Områden (SBO). Syftet med denna del i revisionsberättelsen är att tillgodose intressenter med mer kvalitativ information om revisionen och företagsspecifik väsentlig information. Diskussioner har förts hur SBO verkar i praktiken för att tillgodose relevant information som är unik för företaget och på så sätt öka revisionsberättelsen värderelevans. Somliga anser att SBO kommer att generera mer företagsspecifik information medan andra uttrycker att det kan föreligga skäl att anta att nya avsnittet blir en ny standardiserad del i den nya revisionsberättelsen.  Syftet med denna uppsats är att undersöka utvecklingsriktningen för kommunikationen av SBO i en svensk kontext. Vidare syftar denna uppsats studera om det föreligger tendenser till att det sker en standardisering av kommunikationen av SBO. För att undersöka studiens syfte genomfördes ett slumpmässigt urval på 100 stycken bolag som verkar på den reglerade marknaden varav revisionsberättelser studerades genom en innehållsanalys för perioden 2016–2020. Studien söker stöd i agentteorin, den institutionella teorin men även tidigare forskning om struktur och SBO vid analys om SBO utvecklingsriktning.  Studien kan ge stöd för en utvecklingsriktning som har tendenser till standardisering i form av en enhetlig struktur gällande dess längd och hur många SBO som kommuniceras. Likafullt kan studien stödja en utvecklingsriktning med en avsaknad av standardisering med avseende till de kommunicerade SBO företagsspecifika karaktär som har varit relativt oförändrad under undersökningsperioden. Med beaktning till de observationer som studien frambringat kan denna studie inte dra entydiga slutsatser om det föreligger en utvecklingsriktning med tendenser till standardisering av SBO för svenska bolag.

As recentes discussões a respeito da relevância das informações apresentadas no relatório do auditor independente e do valor e credibilidade da profissão de auditoria culminaram em propostas de alteração no relatório do auditor, em uma das mais relevantes mudanças recentes para o ramo, passando de um formato padronizado para uma tentativa de individualização, caracterizada pela obrigatoriedade de comunicação dos Principais Assuntos de Auditoria (PAAs). As Normas Brasileiras de Contabilidade que regem o tema foram implementadas para períodos findos em ou após 31 de dezembro de 2016. Com o objetivo de analisar o processo de implementação dessas novas regras e verificar o nível de qualidade observado nos novos relatórios, foi desenvolvido um indicador (o Índice de Qualidade do Novo Relatório do Auditor Independente - IQNRA), considerando requisitos normativos e expectativas dos usuários das informações financeiras. Essa métrica foi aplicada para uma amostra de 189 empresas de capital aberto, em seus dois primeiros relatórios anuais emitidos. Os resultados observados demonstram um bom nível médio de qualidade e, em um processo de adaptação e aprendizado, melhorias do primeiro para o segundo ano de publicação do relatório em seu novo formato. Destaca-se, em linhas gerais, que ainda há melhorias a serem feitas, tanto em itens normativos (forma e conteúdo de apresentação), como em tópicos de divulgação voluntária, requeridos e apontados pelos participantes de mercado como desejáveis (informações sobre materialidade e escopo de auditoria, possíveis valores e impactos financeiros para cada tema relevante reportado, e comparativo das alterações nos principais assuntos relevantes para a auditoria a cada ano). Nota-se, ainda, que as maiores empresas de auditoria tendem a apresentar maior nível de qualidade nos reportes; enquanto o setor econômico a que pertencem as companhias auditadas parece não influenciar o nível de qualidade ou quantidade de assuntos reportados como relevantes (PAAs). Como primeiro trabalho de análise qualitativa do Novo Relatório do Auditor Independente no Brasil, este estudo pode trazer foco ao tema, iniciar discussões e motivar estudos adicionais, mostrando novas direções a seguir na contabilidade e auditoria; além de trazer evidências empíricas sobre a experiência até então observada aos diferentes participantes do mercado, contribuindo e dando insumos quanto aos pontos positivos e possíveis caminhos para a melhoria e evolução. Os resultados foram encorajadores em seu início, porém, talvez ainda seja cedo para se falar em consequências e implicações na literatura e mercado, dada a incipiência do tema. Entende-se que ainda é necessário mais tempo e experiência para uma maior absorção e consequente impacto sobre o comportamento dos produtores e usuários das informações financeiras, bem como desenvolvimento de novas pesquisas, oferecendo mais informações e conclusões sobre os efeitos e consequências da implantação do novo reporte e atendimento aos objetivos traçados pelos órgãos reguladores, de oferecimento de informações mais relevantes aos usuários e reforço do valor e importância da auditoria. / The recent discussions on the relevance of the information presented in the independent auditor\'s report and on the value and credibility of the audit profession have culminated in proposed changes in the auditor\'s report, in one of the most relevant recent changes to the industry, from a standardized format for an attempt of individualization, characterized by the obligation of communication of the Key Audit Matters (KAMs). The Brazilian Accounting Standards governing the theme were implemented for periods ending on or after December 31, 2016. In order to analyze the process of implementing these new rules and verify the level of quality observed in the new reports, an indicator was developed (the New Independent Auditor\'s Report Quality Index - IQNRA), considering the regulatory requirements and expectations of users of financial information. This metric was applied to a sample of 189 publicly held companies in their first two annual reports. The observed results demonstrate a good average level of quality and, in a process of adaptation and learning, improvements from the first to the second year of publication of the report in its new format. It should be noted, in general terms, that there are still improvements to be made, in normative items (form and content of presentation) and in topics of voluntary disclosure, required and pointed out by market participants as desirable (information on materiality and audit scope, possible values and financial impacts for each relevant subject reported, and comparative changes in the main issues relevant to the audit each year). It is also noted that the largest auditing companies tend to present a higher level of quality in the reports; while the economic sector to which the audited companies belong does not appear to influence the level of quality or quantity of subjects reported as relevant (PAAs). As the first qualitative analysis of the New Independent Auditor\'s Report in Brazil, this study can bring focus to the topic, start discussions and motivate additional studies, showing new directions to follow in accounting and auditing; in addition to providing empirical evidence on the experience previously observed to the different market participants, contributing and giving input on the positive points and possible ways for improvement and evolution. The results were encouraging at the outset, but perhaps it is too early to talk about consequences and implications in the literature and market, given the incipience of the subject. More time and experience are needed for a greater absorption and consequent impact on the behavior of producers and users of financial information, as well as the development of new research, offering more information and conclusions on the effects and consequences of the implantation of the new reporting and meeting the objectives set by regulatory bodies, offering more relevant information to users and reinforcing the value and importance of the audit.

Den nya revisionsberättelsen framkom efter finanskrisen år 2008 till följd av ett behov att öka transparensen av revisorers bedömningar. Oberoende, kompetens och förtroende påverkar bedömningarna, vilket resulterar i en viss nivå av revisionskvalité. Tidigare var det svårt för intressenter att identifiera företagens riskområden. Därför tillkom särskilt betydelsefulla områden (SBO). Dessutom ställs det ett högre krav på rapportering av fortsatt drift vid väsentlig osäkerhet. Det finns ett förväntningsgap på grund av snedvriden bild, vilket medför att intressenter missuppfattar både revisorers bedömning och förmedling. Dessutom leder ett kommunikationsgap till svårigheter för intressenter att förstå innebörden av begrepp vid revisorers uttalande i revisionsberättelsen. Syftet med den här studien var att beskriva och skapa förståelse för revisorers bedömning enligt revisionsstandarder, samt på vilket sätt bedömning kan påverka förmedlingen av information i den nya revisionsberättelsen för börsnoterade företag. Studien utgick från forskningsfilosofin interpretivism med inriktning på hermeneutik. Tillvägagångssättet var induktiv ansats med kvalitativ forskning. Vid insamling av empiri intervjuades auktoriserade revisorer från de fyra stora revisionsbyråerna. Resultatet av den här studien visade på att kvalitetssäkring säkerställer tillfredsställande revisionskvalité. Riskområden som kommunicerades till styrelsen kan möjligen bli SBO. De här kan vara bransch- och företagsspecifika. För att besluta om uttalande avseende fortsatt drift ska förmedlas, gör revisorer en helhetsbedömning av företagets fortlevnad 12 månader framåt. Dessutom visade studiens resultat på att revisionsberättelsen inte kan minska förväntningsgapet på grund av att revision är mer komplext. Därtill, användningen av svåra facktermer i revisionsberättelsens standardtext, som revisorer inte kan förändra, underlättar inte intressenters förståelse. / The new audit report was developed after the financial crisis of 2008 due to the need to increase transparency of auditors' assessments. Independence, competence and trust affect the assessments, which result in a certain level of audit quality. Formerly, it was complicated for stakeholders to identify entities' areas of risk. Therefore, key audit matters (KAM) were introduced. Moreover, there is a higher requirement addressing going concern when there is a significant uncertainty. There is an expectation gap due to a distorted image, which results in stakeholders misinterpreting both auditors' assessment and conveyance. Furthermore, a communication gap leads to difficulties for stakeholders to understand the meaning of terms in the auditors' opinions in the audit report. The aim of this study was to describe and understand the auditors' assessment according to auditing standards, and in what way assessments may affect conveying information in the new audit report for listed companies. The study was based on the research philosophy of interpretivism with an emphasis on hermeneutics. The method was an inductive approach with qualitative research. When gathering the empirical evidence, authorized auditors from four major audit firms were interviewed. The result of this study showed that quality assurance sufficiently secures the audit quality. Areas of risk, which were taken up with the board of directors, may well possibly be KAM. These can be industry- and entity-specific. In order to determine conveyance of opinion related to going concern, auditors make a general assessment of the entity's ability to continue as a going concern for 12 months. Moreover, the result of this study presented that the audit report cannot reduce the expectation gap due to the audit being more complex. In addition, the use of complicated technical terms in standard text of the audit report, which auditors cannot change, does not ease the stakeholders' comprehension.

Today financial reports make up a core part of the lending process conducted by banks. In order to strengthen the information companies present, the information that the company communicates externally needs to be validated. A widely accepted way to conduct this validation is to hire an auditor that tests the information presented. In the audit report the auditor describes if the company's financial statements have been verified within reasonable certainty. A recent addition to this process is the introduction of Key Audit Matters (KAM) which was included for companies in Sweden that were of public interest.   This essay examines what part the current audit report plays for Swedish loan officers. The study examines how the introduction of KAM has been received by Swedish loan officers and if the development towards a more company specific audit report is wanted. To gain a deeper understanding we also inquired about the auditor's role more generally. We also chose to examine the loan officers' opinions regarding the current audit report and how they would like to see it develop in the future. This was conducted using a qualitative method where twelve Swedish loan officers were interviewed.   The conclusion was that Swedish loan officers currently used the audit report as a validation part in their lending process where the main focus lay in whether it was pure or not. The introduction of KAM was not found to have had any effect on the interviewed loan officers lending process. The loan officers had different opinions regarding if the auditor should be able to make more subjective statements such as KAM. All loan officers agreed that the main role of an auditor is an objective and controlling part. / I dagsläget så utgör de finansiella rapporterna som företag producerar en del av den kreditprocess som banker genomför när de ska lämna kredit. För att kunna styrka de uppgifter företaget presenterar behöver den information som företaget kommunicerar utåt valideras. Ett accepterat sätt att genomföra denna validering är att anlita en revisor som genomför en revision av de påståenden som presenteras. I revisionsberättelsen beskriver revisorn om det reviderade företagets uppgifter med rimlig säkerhet stämmer. Ett tillägg som skett på senare tid är införandet särskilt betydelsefulla områden (SBO) som trädde i kraft för svenska företag av allmänt intresse.    Den här uppsatsen undersöker vilken betydelse dagens revisionsberättelse har för kreditgivare verksamma i Sverige. Studien undersöker även hur införandet av SBO mottagits av svenska kreditgivare samt om de anser att en utveckling mot en mer företagsspecifik revisionsberättelse är något som efterfrågas. För att erhålla en djupare förståelse undersöktes även revisorns roll till banken. Vi valde även att undersöka bankens åsikter gällande revisionsberättelsen och revisorns framtid för att nyansera vår uppsats. Studiens genomfördes med hjälp av en kvalitativ metod där tolv svenska kreditgivare intervjuades.    Studiens slutsats var att svenska kreditgivare för närvarande använder revisionsberättelsen som en kontroll vid kreditgivningsprocessen där det största fokuset är på om den är ren eller oren. Införandet av SBO har än så länge ingen direkt inverkan vid bankens kreditgivningsprocess. Kreditgivarna såg olika på att ge revisorn ett större mandat att göra mer subjektiva uttalanden såsom SBO. Alla respondenter betonade dock att revisorns främsta funktion var att agera som en objektiv kontrollerande part.

本文旨在探討關鍵查核事項與會計師事務所特性之關聯性。其中，會計師事務所特性係指其獨立性與專業能力，並分別以任期與產業專家衡量之。 　　本文實證研究結果如下：其一，主查會計師之任期對關鍵查核事項幾無影響。其二，產業專家會計師事務所與關鍵查核事項之數量及品質僅有部分試驗呈正相關。其三，產業專家主查會計師其對關鍵查核事項之數量及品質均有正面影響。 　　在增額測試的部分，結果如下：其一，對產業專家主查會計師而言，任期對關鍵查核事項有正面效果。其二，會計師事務所與主查會計師俱為產業專家的會計師對關鍵查核事項之正面影響力大於僅有會計師事務所為產業專家的會計師。最後，會計師的專業能力使其更有能力以簡明扼要的文字呈現關鍵查核事項。 / The objective of this thesis is to investigate the relationship between key audit matters (KAMs) and audit firm characteristics. In this study, audit firm characteristics are focused on their independence and ability, and are measured by tenure and industry expertise, respectively. The empirical results can be summarized as follows. Firstly, lead partners tenure has little effect on KAMs. Secondly, partial evidence is found on the association between firm-level industry specialist auditors and KAMs. Thirdly, partner-level industry specialist auditors have positive effects on both the quantity and quality of KAMs. In further examinations, the results are as follows. Firstly, tenure has positive effects on KAMs when the auditors are partner-level industry specialist. Secondly, industry experts at both firm- and partner-levels have stronger positive effects on KAMs then industry experts at firm-level alone. Lastly, auditors’ capacity allows them to present KAMs more concisely.

本研究之目的為瞭解投資人對新式查核報告之因應。研究結果顯示關鍵查核事項項目數與股價呈現負相關，說明大部分投資人對關鍵查核事項之回應與關鍵查核事項之揭露呈現負相關。然而，當企業聘請四大會計師事務所或產業專精為期查核財務報告，結果將反轉。確切來說，相較非四大會計師事務所或非產業專精之查核客戶，財務報告經由四大會計師事務所或產業專精查核之企業，其累積異常報酬率較大。此外，本研究亦將產業專精分為三等級：會計師事務所層級、會計師個人層級及同時為事務所層級兼個人層級，以衡量關鍵查核事項與股價之關係。最後於敏感性分析之部分，以關鍵查核事項風險權重作為關鍵查核事項項目數之替代，並且以不同預期模式衡量累積異常報酬，結果都與預期相符。