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There is a information gap between what users expect on an audit and what an audit is, and the new audit report is made to reduce this information gap, by changing the structure and content of the audit report. Among other changes, the new audit report includes a new section for the disclosure of key audit matters (KAM) which is mandatory in Union European (UE) on June 2016 and in the United States (US) on June 2019. This change, triggered by manly the 2008 crisis, is expect a positive effect on audit quality or users' perception of it. The main objective of this paper is review the literature of this recent topic on the perspective of investor and market reaction. The results of the influence of disclosure KAM in the audit report on users and market reaction are mixed. Some and experimental studies in Canada and in the US settings, on investors and financial analysts, find a positive influence of disclosure KAM on the audit quality perception, which is not find in German setting on bank directors. When it comes to archival papers, there is not found any investor reaction to disclosure KAM.

Resumo-Este estudo relaciona as características da firma de auditoria e a qualidade de auditoria. Usando dados de empresas cotadas portuguesas entre 2010 e 2014 e utilizando como proxy da qualidade de auditoria o tipo de relatório emitido, conclui-se que a dimensão da firma de auditoria e os honorários de auditoria no total dos serviços de auditoria influenciam a qualidade de auditoria. Este estudo contribuiu para a literatura pelo estudo de um país com fraca proteção do investidor e após a crise de 2008, bem como pelas caraterísticas da firma de auditoria estudadas. Palavras Chave-qualidade de auditoria; características da firma de auditoria, relatório de auditoria.