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This research aims to investigate communication values of Key Audit Matter (KAM) of property and construction industrial companies listed on the Stock Exchange of Thailand. Data were collected from the Financial Statements and Audit Reports (English version) in B.E. 2558 – B.E. 2560 of property and construction industrial companies listed on the Stock Exchange of Thailand. Dependent variable is Communication Value which can divide into Readability and Tone. Independent variable is new version of audit report with KAM.
Then, the data obtained were analyzed by the Multiple Regression Analysis. The findings revealed that the new version of audit report with KAM was easier to read than the old version without KAM. In the meanwhile, the negative tone of content was much more presented in the new version of audit report with KAM than the old version of audit report without KAM. Due to the fact that KAM was a report on high risk matters that the data given might go against with key matters of fact, the content was, thus, found in negative tone according to the fact and the intention that an auditor wanted to communicate. KAM was the most significant part with high risk that data given went against the key matter of fact, according to the judge of auditor. This report would certainly benefit to the Financial Statements users in sense that they could understand more on what the auditor would like to communicate to them. In connection with this, their trust towards auditing and the communication between auditor, investor, and controller were arisen. Moreover, it would encourage the auditor to pay more attention on matters to be communicated through the audit report. Somehow reflect quality of audit in the better way that the old version of audit report without KAM did. The supervisory authorities should therefore encourage to have a key audit matter in the auditor's report to allow the auditor to communicate and comment freely to users of the financial statements in the form that the auditor wants in order to add more communication value. The findings also presented that communication values of the audit reports with KAM in early years and in the later years were not different.
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