PCAOB Publishes Post-Implementation Review of AS 1220, Engagement Quality Review

The PCAOB staff have completed a post-implementation review of AS 1220, Engagement Quality Review.(PDF) The review of AS 1220 is the PCAOB’s first post-implementation review. The review includes key findings, messages for auditors and audit committees, and enhancements to achieve more effective reviews.

Further details regarding the review of AS 1220, including technical details of the statistical analyses, are presented in a separate staff white paper.(PDF)

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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.