The United Kingdom (UK) Financial Reporting Council (FRC) introduced expanded audit reports to improve audit report disclosures and render audits more transparent to financial statement users. This study examines audit materiality threshold disclosures, providing descriptive evidence of how auditors disclose materiality information in UK audit reports. This research uses manual content analysis (i) to assess auditors’ benchmarks and the percentages auditors apply to those benchmarks. The analysis examines (ii) auditors’ use of non-GAAP benchmarks, including non-recurring and recurring item exclusions and (iii) auditors’ rationales for their benchmark choices. The research finds that auditors choose a wide variety of benchmarks and apply a wide range of percentages to the chosen benchmarks. Non-GAAP adjustments are pervasive. Auditors’ rationales for benchmark choices include that the benchmark is a financial statement performance measure, and the benchmark eliminates volatility. The authors question whether the FRC's expanded disclosures have met its transparency objectives and concludes that ‘more (disclosure) is less’.

中文翻译：

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扩展审计报告中的审计师重要性：更多（披露）更少

英国 (UK) 财务报告委员会 (FRC) 引入了扩展的审计报告，以改进审计报告的披露并使审计对财务报表用户更加透明。本研究检查了审计重要性阈值披露，提供了审计师如何在英国审计报告中披露重要性信息的描述性证据。本研究使用手动内容分析 (i) 来评估审计师的基准和审计师应用于这些基准的百分比。该分析检查 (ii) 审计师对非 GAAP 基准的使用，包括非经常性和经常性项目排除，以及 (iii) 审计师选择基准的理由。研究发现，审计师会选择各种各样的基准，并对所选基准应用各种百分比。非 GAAP 调整无处不在。审计师选择基准的理由包括基准是财务报表绩效衡量标准，基准消除了波动性。作者质疑 FRC 扩大披露是否达到了其透明度目标，并得出“更多（披露）更少”的结论。