Note(s): Table 1 presents the sample design and sample distribution. Panel A articulates the sample selection. Panel B shows industry-wise sample distributions. Panel C splits the sample by year. We use the data from the first three years post the recent and significant audit reform to avoid the effect of pre-reform trends. Some firms adopted the new reporting model for the first time in their December year-end financial statements in 2018, while other firms adopted it in their June year-end financial statements in 2019. Therefore, T₁ denotes the first year of the new extended auditor reporting (2018–2019). Similarly, T₂ and T₃ denote the 2nd (2019–2020) and 3rd year post new reporting model (2021–2021)