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SubscribePCAOB Posts Three Staff Presentation Videos on Monitoring and Remediation Process Under New Quality Control Standard
The PCAOB has posted a series of three staff presentation videos designed to help auditors implement the monitoring and remediation process under QC 1000, A Firm’s System of Quality Control. The videos are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of Quality Control (QC) and other PCAOB standards and rules. The PCAOB encourages firms to take advantage of the various implementation resources, including staff-led videos, guidance documents, knowledge checks, a practice aid, and interactive chart, which are available on the Implementation Resources for PCAOB Standards and Rules page.
Led by staff in the PCAOB’s Office of the Chief Auditor, the three videos cover topics including the following:
- The objective of the monitoring and remediation process;
- General requirements for monitoring and remediation; and
- Requirements related to designing and performing monitoring activities for engagements and the QC system itself.
- How to determine if engagement deficiencies exist;
- How to respond to engagement deficiencies, including the auditor’s responsibility to respond to engagement deficiencies on completed engagements under an amended and retitled AS 2901, Responding to Engagement Deficiencies After Issuance of the Auditor’s Report; and
- How to determine if QC observations and QC deficiencies exist.
- Performing root cause analysis on QC deficiencies; and
- Designing, implementing, and testing remedial actions.
For more PCAOB implementation resources on QC 1000 and other PCAOB standards and rules, visit the Implementation Resources for PCAOB Standards and Rules page. Auditors with questions on implementing the new standard can contact PCAOB staff via our website or by phone at (202) 591-4395.