PCAOB: Revisions to Quality Control Standards
Monday, March 16, 2020
Download the PDF to review the CAQ’s input on the Public Company Accounting Oversight Board’s (PCAOB) potential approach to revisions to PCAOB quality control (QC) standards as outlined in its Concept Release. The CAQ is supportive of the Board’s efforts to consider revising PCAOB QC standards as a way to strengthen auditing practices and continuously improve audit quality.
A firm’s system of quality control is foundational to audit quality. We agree it is appropriate to revise existing PCAOB QC standards, which were originally developed and issued by the AICPA and adopted as interim standards in 2003, to reflect the experience of the Board and its Staff, as well as developments within the profession domestically and internationally.