PCAOB Posts Two Guidance Documents Related to Implementation of New Quality Control Standard

Today, the PCAOB posted two additional resources related to the implementation of QC 1000, A Firm’s System of Quality Control.

• QC 1000 Staff Guidance(PDF) – All firms registered with the PCAOB, including those that do not audit issuers or SEC-registered brokers and dealers, are affected by QC 1000, but not all requirements of QC 1000 apply to every firm. This publication provides an overview of the requirements of QC 1000 and staff guidance for firms about how to comply with the standard.
• AS 2901 Staff Guidance(PDF) – In connection with the adoption of QC 1000, the Board expanded the auditor’s responsibility to respond to deficiencies on completed engagements under an amended and retitled AS 2901, Responding to Engagement Deficiencies After Issuance of the Auditor’s Report. In addition to an overview of these changes, this publication provides staff insights on scope and applicability, responding to engagement deficiencies, and documentation.

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.