本篇研究從分析師之角度出發，探討新式查核報告是否達成傳遞資訊之目標，故將分析師預測特性分為分析師預測準確度及分析師預測離散程度，檢驗與新式查核報告之關聯。由於英國率先實施新式查核報告，本研究使用英國樣本來檢驗新式查核報告適用前後，分析師預測特性之變化。實證結果發現採用新式查核報告之公司相較於未採用之同期公司，分析師預測準確度顯著越低，分析師預測離散程度顯著越高，此結果支持了新式查核報告增加資訊處理成本之論點。再者，本研究連結可讀性、關鍵查核事項之數量與資訊處理成本，檢驗與分析師預測特性之關聯，結果發現有揭露新式查核報告的公司，當可讀性越低，關鍵查核事項數量越多時，分析師預測準確度顯著越低，分析師預測離散程度顯著越高，強化了新式查核報告對分析師帶來之資訊處理成本大於效益的論點。

This paper begins from the view of analysts and discusses whether the extended audit report achieves the goal of transferring information. Therefore, the analyst forecast properties, including analyst forecast accuracy and analyst forecast dispersions, are considered to examine the relations between the extended audit report and analyst forecast properties. Since the United Kingdom (UK) is the first country to apply the extended audit report, this study used the UK as a sample to test for changes in the analyst forecast properties before and after the extended audit report was implemented.
The empirical results showed that compared with AIM companies that are not required to issue extended audit reports, premium companies that are required to issue extended audit reports have lower analyst forecast accuracy and higher levels of analyst forecast dispersion. This result supports the view that extended audit reports increase information processing costs. Furthermore, this study linked the readability, the number of key audit matters, and the information processing cost to examine correlations with analyst forecast properties. These additional results indicated that companies with lower readability and disclosing more key audit matters, have less analyst forecast accuracy and higher analyst forecast dispersion. This result reinforces the view that the extended audit report leads to more information processing cost to analysts than benefits.

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