Using a narrow view of accounting experience, this study examines the relationship between accounting experience on audit committees (ACs) and key audit matters (KAMs) in the UK. In contrast to extant research, this study distinguishes between different types of accounting experience on AC and how this relates to different types of KAMs. We also address the effects of the interplay between accounting and supervisory experiences on KAMs. Using a sample from FTSE 350, we provide robust evidence that accounting experience on ACs is an important driver of extended audit reporting quality. Moreover, we find evidence that different types of accounting experience have mostly similar effects on different types of KAMs. Further, we show that AC members with prior supervisory experience complement the role of accounting experience. Nevertheless, this complementary relationship varies between types of KAMs. Overall, our study offers important insights regarding how accounting and supervisory experience on ACs is associated with the quality of KAMs reported in the extended reports. Our results are robust to alternative sampling, model specifications, and endogeneity concerns.

本研究从狭隘的会计经验角度考察了英国审计委员会 (AC) 的会计经验与关键审计事项 (KAM) 之间的关系。与现有研究相比，本研究区分了不同类型的 AC 会计经验以及这与不同类型的 KAM 的关系。我们还讨论了会计和监管经验之间的相互作用对 KAM 的影响。使用 FTSE 350 的样本，我们提供了强有力的证据，证明 AC 的会计经验是提高审计报告质量的重要驱动力。此外，我们发现证据表明，不同类型的会计经验对不同类型的 KAM 的影响大多相似。此外，我们还表明，具有监管经验的审计委员会成员可以补充会计经验的作用。然而，这种互补关系因 KAM 类型而异。总体而言，我们的研究提供了关于 AC 的会计和监督经验如何与扩展报告中报告的 KAM 质量相关的重要见解。我们的结果对于替代抽样、模型规范和内生性问题是稳健的。