In short
For each public company audit report, the audit firm files Auditor Reporting of Certain Audit Participants (Form AP) with the Public Company Accounting Oversight Board. It discloses the engagement partner's name and other accounting firms that took part in the audit.
Key takeaways
- Other firms are named if they performed 5% or more of the total audit hours.
- It is generally due 35 days after the audit report is filed (10 days for an initial public offering).
- The information is searchable by the public.
Where it's tested
AUD: Audit Reports — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
An auditor is unable to observe the physical inventory count or satisfy themselves through alternative procedures, and inventory represents 60% of total assets. What opinion is appropriate?