Following years of debate and consultation, the International Auditing and Assurance Standards Board (IAASB) introduced the enhanced auditors report (EAR). The move was in response to significant shortfalls by the traditional audit report in providing valuable information to the users of the audit report. In December 2016, Australia adopted the EAR format. A significant difference between the traditional report and the EAR was a new section, for listed entities, identifying matters considered most significant in the audit, termed key audit matters or KAMs. ISA 701 provides details of a judgement-based decision-making framework to aid auditors to differentiate issues that would count as KAMs. You are required to retrieve the 2019 and 2022 annual reports of JB Hi-Fi AND the 2019 and 2022 annual reports of a competitor to the firm selected (PLEASE HELP ME TO CHOOSE ONE). Answer the following questions: a) Compare and contrast the KAMs disclosed by each firm in 2019 and 2022 (i.e., What are the common KAMs disclosed? Which KAMs are unique to each company? How informative do you think the disclosures have been?). b) Based on these answers, do you think the audit expectation gap has been tackled by the KAM disclosures? If you believe that the audit expectation gap could be improved by changing the current presentation/ content of KAMs, provide a recommendation for audit regulators and audit practitioners regarding changes to KAMs disclosure you would like to see as an investor. Explain your analysis with reference to academic research.