Chair Williams Statement on SEC Approval of New PCAOB Quality Control Standard

Date:
Sep. 9, 2024
Speaker:
Erica Y. Williams, Chair
Location:
Washington, DC

Public Company Accounting Oversight Board (PCAOB) Chair Erica Y. Williams issued the following statement following the U.S. Securities and Exchange Commission’s (SEC) approval of a new PCAOB standard designed to lead registered public accounting firms to significantly improve their quality control (QC) systems. 

“We thank our SEC colleagues for their review and approval of our new quality control standard. 

When a firm’s QC system operates effectively, quality audits follow. And when QC systems operate ineffectively, investors are put at risk. 

Our new QC standard takes an integrated, risk-based approach that can be applied by firms of varying sizes and complexity. When put into practice, it will improve investor protection. 

The new standard also represents a major step forward for the Board’s strategic goal to modernize standards, given that the PCAOB’s current QC standards were developed and issued by the accounting profession before the PCAOB was established in 2002.”