PCAOB posts resources for new quality control standard

The Public Company Accounting Oversight Board posted three initial resources related to the implementation of QC 1000, A Firm’s System of Quality Control.

The resources include a practice aid, comparison document and webinar. QC 1000 would require all PCAOB-registered firms to identify their specific risks and design a quality control system that includes policies and procedures to safeguard against those risks.

The practice aid provides an overview of features unique to QC 1000, such as incremental requirements that the standard imposes on firms that issued audit reports for more than 100 issuers in the prior calendar year. 

The comparison document maps the text QC 1000 against the requirements of the International Auditing and Assurance Standards Board’s 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, as well as against the American Institute of CPAs’ Statement on Quality Management Standards No. 1, A Firm’s System of Quality Management.

The webinar provides an overview of the standard’s requirements and aims to help auditors prepare for the standard’s implementation.