New PCAOB Staff Report Sheds Light on Rising Audit Deficiencies Related to Engagement Quality Reviews
Published on:
Oct 11, 2023
This PCAOB Staff Report focuses on the PCAOB-mandated EQR process, in which a reviewer who is not part of the engagement team evaluates significant judgments made by the audit engagement team. It also reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020.