本篇研究探討採用新式會計師查核報告後，查核報告中關鍵查核事項的揭露，與公司股價同步性之關聯性。股價報酬包含了總體資訊含量(市場、產業)以及公司個體資訊含量，市場首先會將會計師查核報告書等資訊的解讀，反應於股票價格上，又新式查核報告中規定會計師按個別受查公司的情況撰寫關鍵查核事項段，即關鍵查核事項中係公司個體資訊含量，本研究利用財務股價同步性衡量市場對公司個體資訊之反應，實證結果支持新式查核報告中公司資訊的揭露，股價反映公司個體資訊越多，而股價同步性越低，證實新式查核報告書存在資訊價值。

Previous accountant’s audit reports used standardized presentation format, which resulted in standardized contents with useless information in the audit report. The revolution of new audit report is to eliminate information asymmetry of the accountants and the users of the financial statements so that the information in the audit report can be more transparent and the audit opinions can be more readable. The study investigates whether the new accountant’s audit report makes the users of the financial statements understand more of the internal status of the audited company and whether this change enhances the transparency of the audit report and promote the usage value of the accountant’s audit report. The study used stock price synchronicity to measure the response of the market to individual information of a company. That is to say, the relationship between the key audit matters disclosed in the audit report and stock price synchronicity.First, investors will interpret the information in the accountant’s audit report and reflect them on the stock price. Stock price returns include overall information volume (market and industry and individual information volume while the changes in stock price which affects by the market and industry cannot fully explain the changes in stock price returns. The hidden part which cannot be explained comes from specific individual information of the company. Moreover, it has been stipulated in the new audit reports that accountants should form audit opinions specifically based on individual company situation and list key audit matters for those items in the financial statements which could exist major unfaithful presentation risks to disclose the risks affecting the company. Hence, users of the financial statements may learn the major information of the company from the report directly. That is to say, key audit matters are the individual information volume of the company. The study uses stock price synchronicity to conduct the test. Key audit matters in the new audit report disclose information which are useful to stock investors. This will increase individual information volume reflecting in the stock price return of the company while the stock price synchronicity will be lower. Therefore, it is expected that after the implementation of new audit report, stock price synchronicity should have significant reduction. According to this, the study hypothesized that the disclosure of key audit matters in the new audit report will reduce stock price synchronicity of the company.
Finally, the regression results show that there is a significant reduction when comparing the stock price synchronicity after the adoption of new audit report with the stock price synchronicity before the adoption of new audit report. This shows that after the adoption of new audit report, stock prices reflect more individual information volume of company. Hence, it has been verified that key audit matters stipulated in the new audit report to be written by the auditors according to the situation of individual audited company enhance the transparency of the firm and the information value of the audit report.

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