This study intends to examine the effect of Financial Reporting Quality (FRQ), financial performance, and financial leverage on the Investment Opportunity Set (IOS), which is often used as a proxy for a firm’s future growth potential. Further, the present study explores the moderating influence of audit quality on these connections. This analysis uses data from 45 businesses listed in the LQ45 IDX, based on audited financial records for the period 2022-2025. Panel data regression analysis is used to assess the proposed hypotheses, and multiple regression with ARMA is used as a robustness check. Theoretically, this paper is based on Signaling Theory and Pecking Order Theory. The results suggest that Financial Reporting Quality (FRQ) and financial leverage have significant positive and negative effects on the Investment Opportunity Set (IOS), respectively, based on panel data and multiple regression analyses. However, there is no significant effect of financial performance on IOS. The results also show that audit quality greatly moderates the influence of FRQ and financial leverage on IOS. But the influence of financial performance on IOS is not moderated by the audit quality. This study discusses only companies listed in the LQ45 Index on the IDX during the new normal era. Future studies could extend the investigation to additional nations and longer time frames. In addition, other variables such as liquidity, firm size, and firm value can be incorporated to provide a more complete picture of the determinants of the Investment Opportunity Set (IOS). The findings contribute to regulators’ knowledge of how to enhance accounting standards and encourage greater professionalism among accountants. They also have practical consequences for firms wishing to improve their future growth prospects. The uniqueness of this study is to identify Financial Reporting Quality (FRQ), financial leverage, and audit quality as major predictors of IOS, which shows the future growth potential of the Indonesian companies.