Post-Implementation Review: Auditing Standard No. 7, Engagement Quality Review

Request for Comment

The comment deadline has passed.

The staff is seeking comment on the overall effect of AS 7, including with respect to any or all of the following questions:

  • Has AS 7 accomplished its intended purpose? In particular, has the implementation of AS 7 increased the likelihood that a registered public accounting firm will detect significant engagement deficiencies before the audit report is issued? Do engagement quality reviews performed under AS 7 provide for a meaningful check on the audit work performed by the engagement team?
  • Do users of financial statements believe that the implementation of AS 7 has affected the credibility of financial reporting?
  • What have been auditors' experiences with implementation of AS 7? How did the implementation of AS 7 change practice? Has the implementation of AS 7 given rise to any unintended consequences or changes?
  • What have been preparers' and audit committees' experiences with the implementation of AS 7? How did the implementation of AS 7 change practice from their perspectives? Has the implementation of AS 7 given rise to any unintended consequences or changes?
  • What have been the initial and recurring costs and benefits associated with the implementation of AS 7 from the perspectives of auditors, preparers, audit committee members, investors and other users of financial statements?
  • Could AS 7 be refined or improved to better achieve its intended purpose? If so, how?

All interested parties are encouraged to comment.  

Please note the post-implementation review number and title in the email subject line or, if by postal mail, in a reference line at the beginning of your comments.

All comments are made public and posted on the PCAOB website. You are encouraged, but not required, to provide your name and professional affiliation.

 Request for Comment

No. Title Status
2016-01 Post-Implementation Review: Auditing Standard No. 7, Engagement Quality Review​ Co​​mment Period Closed​​​​​​​​​​​​

 Comment Letters

No.
Author
Company/Organization
Date
1Paul Rohan, CPA, Partner, National Director of Financial Reporting and Quality ControlUHY LLPMay 12, 2016
2Jerilyn K. Barthel, CPA, Chair, Professional Standards CommitteeTexas Society of Certified Public AccountantsJune 10, 2016
3Tom Quaadman, Senior Vice PresidentU.S. Chamber of Commerce, Center for Capital Markets CompetitivenessJune 30, 2016
4PricewaterhouseCoopers LLPJune 30, 2016
5Cynthia M. Fornelli, Executive DirectorCenter for Audit QualityJuly 1, 2016
6Thomas Heaton Spitters, CPA – Member IAAERJuly 4, 2016
7Deloitte & Touche LLPJuly 5, 2016
8Grant Thornton LLPJuly 5, 2016

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