업무수행이사의 이름 공시가 감사시간, 감사보수 그리고 직급별 감사시간에 미치는 영향

Audit firms are required to disclose audit engagement partner identification on audit reports by revised auditing standards of 2017. In this study, using Korean data for the years 2017 and 2018, before and after the adoption of the new standard, we examine the effects of engagement partner identification on audit hours, audit fees, and labor mix hours and find the following empirical results. First, audit hours and audit fees are significantly increased after the adoption of new disclosure requirement, suggesting that the audit team makes great efforts to manage potentially increased audit risk from the requirement. Second, in the result of using the ratios of labor mix hours, we also find that the ratios of the engagement partner's, specialist’s, and the quality reviewer's audit hours are significantly increased, indicating that not only individual engagement partners but also the accounting firms respond to the increased accountability and transparency of the audit report. The aforementioned empirical results are consistently robust across alternative sample and proxy: (1) expanded sample, (2) sample of controlling the effect of audit partner changes before and after adoption, (3) balanced sample, and (4) another proxies for audit efforts. In addition, we find that there is a differential effect of the disclosure requirement on labor mix hours between Big4 and Non-big4. More importantly, this study provides policy implications to the recent debate on the efficacy of the adoption of engagement partner identification requirement.