Engagement Partner Disclosure

The PCAOB's main goal of requiring engagement partner disclosure is to increase accountability and transparency in the profession.

• True

• False

After what percentage threshold of total audit hours must other firms participating in the audit be disclosed?

• 1%

• 5%

• 10%

• 25%

The United States was one of the first countries to require engagement partner disclosure.

• True

• False

Benefits of engagement partner disclosure for the auditing profession include all of the following except:

• Increased Transparency for FS users

• Allow for an increase in lawsuits

• Increased Accountability of the Auditor

• Address Public Concerns

Audit team members, besides the engagement partner, are required to be disclosed by the PCAOB if they significantly contributed to the audit.

• True

• False

Which of the following are concerns related to the disclosure of the audit partner? (Multiple choices may be selected)

• Increased audit fees

• Creation of a rating system for auditors

• Increased risk of litigation or violence against the auditor

• Reduction of overall audit quality