Auditors in New Zealand and around the world have been required to amend their auditor’s reports effective for audits of financial statements for periods ending on or after 15 December 2016. These represent the most visible change to the auditor’s report in more than 50 years. As the principal communication between the auditor and users of audited financial statements, the new auditor’s report is intended to be more informative and more transparent. The purpose of this publication is to provide a stock take of the New Zealand experience in the first year of adopting the revised auditor’s report, specifically focussing on the reporting of key audit matters (KAMs). We briefly consider the impact of the other amendments on page 24-25. To prepare this publication we analysed the new style auditors’ reports issued in New Zealand. We also conducted interviews and online surveys with investors, analysts, auditors, directors and management. We thank those who have generously shared their views and experiences with us.