In the aftermath of the financial crisis in 2008, regulators adhered to financial statement users' reiterated demands for entity-specific information that should help users to make informed decisions. The audit profession considered this regulatory change to be important because of an identified need to reinvest in its legitimacy by increasing the relevance of the audit. Thus, an entity-specific key audit matter (KAM) section was introduced in the standardised auditor's report. The objective of this chapter is to investigate whether and under what conditions KAM disclosures have the intended potential to enhance the informative value of the auditor's report and thereby increase the relevance of the audit. A time series study of auditor's reports of Swedish public limited companies covering the years 2016–2021 was conducted with a special focus on auditor rotation. The findings show a tendency that auditors, especially of large companies, change KAMs primarily when conducting initial audit engagements. Otherwise, they tend to reuse KAMs. This indicates that KAMs have insufficient capacity to enhance the value of the auditor's report and the related relevance of the audit.