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。

The objective of this thesis is to examine how investors respond to the new form of audit report including key Audit Matters (thereafter KAMs). The results indicate KAMs are negatively associated with stock price, indicating that on average, investors respond negatively to the KAMs disclosure. However, if a client is audited by Big4 accounting firm or industry audit specialists, I find the opposite. More specifically, accumulated abnormal returns are greater for firms audited by Big 4 or industry audit experts than for those audited by non-Big4 or non-experts. In addition, I re-measure and divide industry audit experts in to 3 categories: partner level alone, firm-level alone, and both firm-level and partner level. Finally, I conduct a battery of sensitivity analyses. First, I alternatively use risk weight to proxy for KAMs, and re-run my regression. I also use alternative means to calculate CAR. The results remain qualitatively unchanged.

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