The primary research purpose of the current study is to examine the association among firm and auditor characteristics, industry sector effects, and the occurrence of the keyword “Fraud Risk” in the text of the Key Audit Matters (KAM). We contribute to the extant literature by performing a structured content analysis and identifying the types of KAM that are more likely to lead the auditors to assess them as a fraud risk. We also evaluate the effectiveness of a well-established earnings manipulation detection model (i.e., Dechow et al. F-Score) to flag these firms (with a KAM containing the keyword “Fraud Risk”) as having high, substantial or above normal risk of earnings misstatement. We focus on firms that are listed on the London Stock Exchange for the period 2021 – 2022. We collect data for 127 firm-year observations with at least one KAM referring to the keyword “Fraud Risk” in the text of the auditor’s report. We offer rich descriptive evidence on these sampled firms’ KAM content, financial characteristics, industrial sectors, auditors, and earnings quality.