This study examines whether the emphasis of matter paragraph (thereafter ‘EMP’) described in an audit report is related to the audit report lag and whether the relationship is differential depending on the type of the emphasis. This is expected to provide information on what emphasis the financial information users should consider more importantly when making decisions. EMP is used to deliver negative information, thus causing a conflict between the manager and the auditor, thus delaying the audit report (Park et al. 2011). Therefore, it is likely that EMP having a significantly positive association with the audit reporting lag involves high risk. Empirical results using 3,210 Korean listed firm-year observations from 2014 to 2016 show that EMP is positively related to the audit report lag. In particular, going concern, accounting changes, and events after the fiscal year end EMPs are significantly associated with the audit report lag, indicating that these emphases are necessary to be closely monitored by policy authorities and information users. Our finding that the relationship between EMP and the audit report lag is differential by emphasis types contributes to the literature by extending the prior research. This study is meaningful in that it has raised the need for adequate oversight and policy of the regulatory body about going concern, accounting changes, and events after the fiscal year end EMPs.