本研究重新檢視會計師輪調是否能實際帶來「全新視角(Fresh Look)」。過去文獻多以關鍵查核事項(Key Audit Matters, KAMs)之新增、刪除或整體之數量變動作為fresh look的證據，但KAM整體變動未必均代表會計師對受查客戶風險進行實質重評估。基於此，本研究以臺灣上市櫃公司2017年至2024年資料為樣本，探討會計師事務所輪調與主辦會計師輪調對KAM新增揭露之影響，並進一步區分新增KAM為客戶專屬型(Client-specific)與產業常見型(Industry-common)，以辨識揭露變動之實質性。實證結果顯示，輪調與KAM新增揭露呈顯著正相關，但效果主要集中於產業常見型KAM，而非客戶專屬型KAM。因此本研究推論，若僅以KAM整體變動作為fresh look的證據指標，可能高估會計師輪調所帶來之風險重評估效果。此結果亦揭示出，若缺乏完善之知識移轉與查核延續機制，單靠強制輪調制度可能尚不足以提升客戶專屬風險之辨識與溝通效果。

This study examines whether auditor rotation delivers a substantive “fresh look” in audit risk assessment or merely leads to cosmetic changes in Key Audit Matters (KAMs) disclosures. Prior studies often interpret KAM turnover as evidence of renewed auditor insight, but not all KAMs are equally informative. Using Taiwan-listed firms from 2017 to 2024, this study investigates whether audit firm and engagement partner rotation are associated with newly added KAMs, distinguishing between industry-common and client-specific matters. The results show that rotation is associated with more newly added KAM, but the effect is driven primarily by industry-common KAMs.
These findings do not necessarily imply that rotation fails to generate a fresh look, but suggest that commonly used proxies, such as overall KAM changes, may not adequately capture its substantive dimension. By distinguishing between cosmetic and substantive disclosure changes, this study highlights a mismatch between the conceptual definition of fresh look and its empirical measurement, and provides more nuanced evidence on how rotation affects audit risk communication.

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