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While substantial revisions to auditor and audit committee reporting are being discussed internationally, including in the United States, the impact of these reforms on audit quality is unknown. We exploit the United Kingdom's recent regulatory changes and find that the U.K.'s new reporting regime is associated with an improvement in audit quality as proxied by significant decreases in absolute abnormal accruals and the propensity to just meet or beat analyst forecasts. While we find that auditdoi:10.2139/ssrn.2647507 fatcat:jdrgrbciljg5dgh47ibhfaejcq