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External auditor and KAMs reporting in alternative capital market of Thailand

Muttanachai Suttipun (Department of Accountancy, Faculty of Management Sciences, Prince of Songkla University, Hat Yai, Songkhla, Thailand)

Meditari Accountancy Research

ISSN: 2049-372X

Article publication date: 13 January 2021

Issue publication date: 20 January 2022




This study aims to investigate the extent, level and pattern of key audit matters (KAMs) reporting by companies listed in the market for alternative investment (MAI) in Thailand, and to test for a relationship between the external auditors and KAMs reporting.


The population and sample used in this study were all companies listed in the MAI. Based on the annual reports issued by the sample of companies from 2016 to 2018, content analysis was used to quantify the KAMs reporting in the audit reports by using word counting and a checklist. Descriptive analysis, correlation matrix and multiple regression were used to analyse the data.


The results showed that the word counts of KAMs reporting fluctuated around 600 words during the three year period studied, while the number of issues on which KAMs reporting was performed was similar each year with an average of 1.63 KAMs issues per company. Moreover, the study found a significant positive relationship between auditor type, audit fees and the level of KAMs reporting.

Practical implications

This is the first longitudinal study of the KAMs reporting of companies listed in the alternative capital market in Thailand.


Communication and legitimacy theories were found to offer cogent explanations explaining the quality of and reasons for KAMs reporting by Thai listed companies as a reaction to the need for quality communication between external auditors and company stakeholders, based on external pressure due to societal expectations.



This work was supported by the grants of Prince of Songkla University (No. MAN6402010N and MAN6402002S).


Suttipun, M. (2022), "External auditor and KAMs reporting in alternative capital market of Thailand", Meditari Accountancy Research, Vol. 30 No. 1, pp. 74-93.



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