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PCAOB issues quality control concept release

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

Dec 17, 2019

On December 17, 2019, the Public Company Accounting Oversight Board (PCAOB) voted to issue a concept release on a potential approach to revising the PCAOB's quality control standards. The release solicits public comment to inform the Board on the approach and what changes it might propose in the future to strengthen the PCAOB's requirements for audit firms' quality control systems.

The concept release explains that many firms that follow PCAOB standards also follow the IAASB standards (or standards based on IAASB's standards), and therefore, the Board believes that it would not be practical to require firms to comply with fundamentally different quality control standards. The concept release also describes certain incremental or alternative requirements to ISQM 1 that may be appropriate for firms performing engagements under PCAOB standards.

Review the press release and concept release on the PCAOB's website.

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