Abstract:

The audit report prepared by an independent expert should guarantee that the financial information that companies provide to the market are reliable and useful for stakeholder’s decisions. Few years ago, the format of audit report has been changed. ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report requires auditors to disclose “areas of higher assessed risk of material misstatement, significant auditor judgements relating to areas in the financial statements that involved significant management judgment and significant events or transactions that occurred during the period” (IAASB, 2015). The research paper is based on the content analysis of the expanded audit report. The results obtained based on a sample of audit reports prepared for companies listed on NewConnect market in Poland can contribute to the debate on the utility of the audit report.