Análise do relatório de gestão e KAM vs gestão de risco

  • João Filipe Couto Fonseca (Student)

Student thesis: Master's Thesis


The greater demand from users of financial information motivated the change in the form of communication of managers and auditors. Thus, it is required that they disclose more useful and valuable information. In addition, in the case of audits, a new standard has emerged, the International Standards on Auditing (ISA) 701, which introduces the obligation to report, in listed companies, the areas of higher assessed risk of material misstatement, designated as Key Audit Matters (KAM). In this way, the present study aims to identify the relationship between the risks reported by managers and auditors. Additionally, it is important to understand to what extent and in what way the KAM are similar to the risks disclosed by the manager in the Risk Management section of the management report. In this scope, the London Stock Exchange index - FTSE 100 was used for the sampling, where were collected the annual reports of 72 companies for the year 2020. The nature of the study is qualitative and exploratory, since it was performed documental analysis of the auditor’s report and Management Risk section, both that can be found in the Annual Report. The results allowed us to conclude that there is no great approximation between the risks reported by the two agents. Nowadays, this approximation is not expected considering the actual audit standards that exclude some relevant aspects of management. Also, they only agree on the disclosure of risks in 13% of the situations. Additionally, it was possible to conclude that the manager reports 3 times more than the auditor.
Date of Award11 Jul 2022
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPaulo Alves (Supervisor)


  • KAM
  • Management risk
  • Annual report


  • Mestrado em Auditoria e Fiscalidade

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