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SubscribePCAOB Posts Staff Presentation Video Focusing on Firm Risk Assessment Processes Under New Quality Control Standard
The PCAOB has posted a staff presentation video designed to help firms and auditors understand the firm’s risk assessment process under the PCAOB’s new quality control standard, QC 1000, A Firm’s System of Quality Control. The firm’s risk assessment process is the basis for a risk-based approach to the design, implementation, and operation of the firm’s quality control system.
Led by expert staff in the PCAOB’s Office of the Chief Auditor, the video covers topics including:
- Establishing quality objectives.
- Identifying and assessing quality risks.
- Designing and implementing quality responses that address quality risks.
- Modifying the risk assessment, as needed.
The video is the latest in a series of resources the PCAOB has recently released to assist and inform firms and auditors in their implementation of PCAOB standards and rules. For more PCAOB implementation resources on QC 1000 and other PCAOB standards and rules, visit the Implementation Resources for PCAOB Standards and Rules page. Firms and auditors with questions on implementing the new standard can connect with PCAOB staff via our website or by phone at (202) 591-4395.
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About the PCAOB
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed pursuant to federal securities laws.