PCAOB Proposes a New Quality Control Standard

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Nov 29, 2022

In November 2022, the Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposed standard that the Board believes would, if adopted, lead registered public accounting firms to significantly improve their quality control (QC) systems. Comments are requested by February 1, 2023.

The proposed standard, if adopted, would replace the current QC standards in their entirety and would provide a framework for a firm’s QC system that is grounded in proactively identifying and managing risks to quality, with a feedback loop from ongoing monitoring and remediation designed to drive continuous improvement. Among other provisions, the proposal would foster a more structured approach where a firm would annually evaluate its QC system and report the results of its evaluation on new Form QC.

Review the following on the PCAOB's website:


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