The audit regulator in the United Kingdom made significant changes to the auditor’s report for large public companies with fiscal years beginning on or after October 1, 2012. The new report has to describe significant risks of material misstatement, the application of materiality, and the audit’s scope. We study changes in audit fees, audit quality, and investors’ reaction to the report’s public release in the two years before and after the new rules. We find mixed evidence of a change in audit fees, ranging from an increase of nearly four percent to no change, depending on model specification. We do not find evidence of changes in audit quality or investors’ reaction to the report’s public release. Further examining the content of the new reports, we document that the total length of the report, the length of the risks’ discussion, and the number of risks are positively associated with audit fees. Moreover, materiality is inversely related to audit quality. Thus, although the new report format had a small impact on audit fees and did not significantly change audit quality or investors’ reaction to the report, the mandated risk and materiality disclosures are associated with cross-sectional variation in audit fees and quality.