This paper hypothesizes that if an earnings announcement fails to resolve uncertainty about the firm’s future outcomes, then management will take steps to further inform investors. The novelty of our approach consists of our empirical proxy for unresolved uncertainty, constructed using a...

In contrast to past auditor opinions, which were largely unqualified and uniformly written, a new disclosure requirement expands auditors' opinions to include a description of Critical Audit Matters (“CAMs”) and the audit steps necessary to form an opinion about them. The expanded disclosure...