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After the financial crisis, several actors (investors, analysts, etc.) brought the role of audit into question. The auditor’s conclusion was criticized since it only gave a binary pass/fail opinion without including specific information related to audited entities and to the audit that had been performed. This lack of transparency was exacerbated by the auditor’s use of boilerplate wording. 
Lots of regulators developed new control frameworks to enhance the auditor’s report. The most significant change is the obligation to introduce a new paragraph describing « Key Audit Matters (KAM) » (IAASB), « Critical Audit Matters » (PCAOB) or similar concepts elaborated by the European Union, the FRC or the NBA. The objectives of this innovation are to improve communicative value, transparency, insight and readability of the auditor’s report, and to increase audit quality.
Our study focuses on the notion of KAM developed by the IAASB in the ISA 701, which will be effective for quoted companies at the end of 2016. This paper highlights the impact the KAM section will have on auditor’s behavior in Belgium. Besides, it analyzes if the plausible conduct of auditor will affect or not audit quality. 
We executed a qualitative research divided into two main ways of gathering evidence. First, we performed a literature review in order to build strong hypotheses. To anticipate the impacts of KAM in Belgium, some hypotheses are based on observations drawn in the UK where a concept similar to the one of the IAASB is in place since 2013. These hypotheses have been afterwards compared to the results of six interviews carried out in Belgium. We met five partners active in Big4 accounting firms and an expert from the FSMA.
Our work demonstrates that Belgian auditors will have to adapt their behavior to fulfill their new role. Respondents predominantly underlined the same new possible trends and areas of attention. Based on these comments, we identified risks that may happen and that auditors should avoid. Moreover, we addressed recommendations to those willing to comply with the new requirements as far as possible. Audit quality is more debated as it is a notion which is difficult to define. As a consequence, we analyzed the impacts on both audit quality and audit quality as perceived by the users of financial statements.

Key Audit Matters --- auditor’s report --- auditor’s behavior --- audit quality --- ISA 701 --- Sciences économiques & de gestion > Comptabilité & audit