Audit Partner Accountability and Audit Transparency: Partner Signature or Disclosure Requirements

• In Event: Session C: Auditing

Abstract

Audit Partner Accountability and Audit Transparency: Partner Signature or Disclosure Requirements

Abstract
In 2011, the Public Company Accounting Oversight Board (“PCAOB” or the “Board”) issued for public comment proposed amendments to the auditing standards that would require the engagement partner’s name to be disclosed in the audit report (PCAOB 2011c). The proposed amendments were preceded by a 2009 concept release addressing whether to require the engagement partner’s signature on the audit report in addition to that of the audit firm. This paper focuses on the rationales provided by the PCAOB for requiring either disclosure of the audit partner’s name or the partner’s signature, identifies the major concerns raised by commenters, and provides an update on recent accounting research relevant to the rationales given and the concerns raised.

Author

• Cathy Cole, University of Texas-San Antonio