A new audit rule was introduced in 2014 to make audits more transparent, aiming to help small investors. The study looked at how this rule affects the quality of audits and if it gives small investors helpful information. They interviewed members of the audit community and investors to understand their views. The results show that the extended auditor’s report helps small investors by explaining how audits are done and directing them to key details in the annual reports. It also gives investors more context about important audit aspects. Auditors believe there is now more uniformity in auditor's reports due to changes in regulatory focus and analyzing reports from other auditors. This consistency affects how auditors check important audit details, making audits better.