In the EU, ISA 701 and EU Regulation 537/2014 introduced the mandatory disclosure of Key Audit Matters (KAMs) for Public Interest Entities starting from the end of 2016. Similar regulatory changes have also taken place in other settings, such as the US. The introduction of KAM mandatory...

This paper investigates the impact of the voluntary adoption of International Financial Reporting Standards (IFRS) by unlisted firms on both their financial reporting quality and on their cost of debt. Using a large international sample of unlisted EU companies where the choice of IFRS is...