關鍵查核事項是制式八股文嗎？

Are KAMs Boilerplate Disclosures?

本研究首先利用文字探勘的分析工具檢視影響關鍵查核事項（KAMs）揭露內容變化的決定因素。具體而言，利用2016年與2017年臺灣會計師查核報告的KAM文本，我們將KAM的內容區分為全文內容、風險描述以及查核程序描述，並檢視影響KAM文本差異程度的因素。實證結果顯示，就KAM全文內容而言，企業提供的財務資訊（包含流動資產變化、自由現金流量變化、資產規模變化與營收成長變化）與主簽會計師的個人風格都顯著影響KAM文本差異程度。進一步的分析顯示，主簽會計師的個人風格係反映於查核程序描述而非風險描述。最後，我們發現KAM的文本差異程度與當期分析師的盈餘預測行為有關。換言之，本研究提供KAMs不是制式八股文的佐證，此外也提供KAM的內容具經濟後果的證據性。

"This study employs methods of textual analysis to examine the determinants of textual modification indisclosures of key audit matters (KAMs). Specifically, analyzing KAMs disclosed in the audit reportsin Taiwan for the fiscal years of 2016 and 2017, we classify the content of KAMs as either risk-relatedor audit procedure-related, and examine the determinants of modification in KAMs. Empirical resultssuggest that the fundamental financials (i.e., changes in current assets, free cash flows, size, andgrowth) and the individual style of the lead audit partner significantly influence textual modificationin KAMs. Results from a further analysis indicate that textual modification in the description of auditprocedures, but not in the description of risk, reflects the individual style of the lead partner. Finally,we provide evidence for an association between textual modification in KAM disclosures and analystforecasts. In other words, our findings suggest that KAM disclosures are more than standardized orboilerplate communications and potentially reflect corporate financial performance."