The webinar aims to help auditors understand and prepare for the QC 1000 requirements. Credit: New Africa/Shutterstock.

The Public Company Accounting Oversight Board (PCAOB) has introduced three new resources to assist in the implementation of QC 1000, a fresh quality control standard for accounting firms, reported CPA Advisor.  

The new standard was approved in May 2024. 

The latest move comes as part of the PCAOB’s efforts to modernise and update quality control rules that were previously established by the American Institute of Certified Public Accountants (AICPA) before the PCAOB’s inception in 2002. 

The resources provided by the PCAOB include a practice aid, a comparison document, and a webinar.  

The practice aid offers insights into the aspects of QC 1000, particularly the additional requirements for companies that audited more than 100 issuers in the previous year.  

The comparison document aligns QC 1000 with the International Standard on Quality Management 1 and the AICPA’s Statement on Quality Management Standards No. 1.  

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The webinar, presented by the PCAOB’s Office of the Chief Auditor, aims to help auditors understand and prepare for the QC 1000 requirements. 

The QC 1000 mandates that all PCAOB-registered accounting firms identify risks that could affect audit quality and design a system to mitigate these risks.  

Firms auditing more than 100 public companies annually are expected to establish an external oversight function, known as the EQCF, comprising professionals capable of independent judgment.  

The EQCF will evaluate the firm’s quality control system and its effectiveness. 

Accounting companies are further required to conduct an annual evaluation of their quality control system and report the findings to the PCAOB using the new Form QC.  

The Securities and Exchange Commission approved the new quality control standard with a narrow 3-2 vote in September 2024. 

In 2023, the PCAOB appointed Martin Schmalz as the chief economist and director of the Office of Economic and Risk Analysis.