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The expanded audit report is introduced to facilitate investors’ decision-making by providing granular and salient details on areas that require significant attention for investors. Though, the existing evidence mainly documents no significant market reaction to the adoption of the expanded audit report, which calls into question the decision usefulness of this regime shift (Gutierrez et al. 2018; Be´dard et al. 2019). As the attention-directing role is explicitly emphasized by IAASB, we seek to evaluate whether the regime shift benefits investor by assisting them becoming more attentive decision-makers. We corroborate our predictions by examining whether the adoption leads to improved stock price informational efficiency, greater idiosyncratic return volatility, and decreased crash risk. Based on data from UK listed firms for the 2011-2015 period, we employ difference-in-differences analyses and document findings in line with our predictions. Our evidence suggests that the expanded audit report improves the value of audit by making investors more sophisticated and informed. Overall, this study lends timely support to the shift towards the new auditor’s reporting regime.