PCAOB Posts Three Initial Resources Related to Implementation of New Quality Control Standard

• Practice aid(PDF) – This practice aid provides a high-level overview of certain features unique to QC 1000, including highlighting incremental requirements that QC 1000 imposes on firms that issued audit reports for more than 100 issuers in the prior calendar year.
• Comparison document(PDF) – This comparison document maps the text of QC 1000 against the requirements of the International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, adopted by the International Auditing and Assurance Standards Board, and the Statement on Quality Management Standards No. 1, A Firm's System of Quality Management, adopted by the American Institute of CPAs (AICPA).
• Webinar – This webinar, led by expert staff in the PCAOB’s Office of the Chief Auditor, provides an overview of QC 1000 requirements and is designed to help auditors prepare for the standard’s implementation.

For more PCAOB implementation resources on quality control and other topics, visit the Implementation Resources for PCAOB Standards and Rules page. Auditors are also encouraged to contact the PCAOB’s Office of the Chief Auditor with any questions on quality control and other topics.

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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.