The purpose of this study is to examine the financial and non-financial consequences of the number, type, and monetary amounts of audit report paragraphs for financial reporting quality, reliability of financial information, comparability of financial statements, audit fees, and auditor switching. The study is applied in terms of purpose and descriptive-correlational and ex post facto in terms of research method. The statistical population consists of companies listed on the Tehran Stock Exchange during 2015–2024. Using the screening method, 144 companies, comprising 1,440 firm-year observations, were selected. Data were collected from the Codal system and Rahavard Novin software and analyzed using EViews. Financial reporting quality was measured using the Dechow and Dichev model, reliability of financial information using the Dechow and Dichev and DeFond and Park models, and comparability of financial statements using the DeFranco et al. model. The findings showed that the number of audit report paragraphs has a positive and significant relationship with financial reporting quality and auditor switching, and a negative and significant relationship with comparability of financial statements and audit fees. The type of audit report paragraphs has a positive and significant relationship with financial reporting quality and auditor switching, and a negative and significant relationship with reliability of financial information, comparability of financial statements, and audit fees. Moreover, the monetary amounts reported in audit report paragraphs have a positive and significant relationship with comparability of financial statements and a negative and significant relationship with reliability of financial information and audit fees. This finding may be associated with competitive conditions in the audit market and auditors’ limited bargaining power in transferring risk to audit fees. Overall, the findings indicate that audit report paragraph characteristics provide relevant information about financial reporting quality and risk and have important financial and non-financial consequences for companies and auditors.