This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

PCAOB launches post-implementation review program; requests comments on engagement quality review standard

  • PCAOB (US Public Company Accounting Oversight Board) Image

Apr 07, 2016

The PCAOB has issued a request for comment on the overall effect of Auditing Standard 7, “Engagement Quality Review,” as part of its new post-implementation review (PIR) program.

Topics on which the request for comment is seeking feedback include:

  • Whether Auditing Standard 7 has achieved its objective.
  • The standard’s effect on “the credibility of financial reporting.”
  • The experiences of preparers, auditors, and audit committees with implementing the standard, including the costs and benefits of implementation.
  • Whether the standard could be enhanced and, if so, how.

The purpose of the new PIR program is “to evaluate whether adopted rules and standards are accomplishing their intended purposes, and identify any unintended consequences, as well as gauge the overall effects of the rules or standards.”

Comments are due by July 5, 2016. For more information, see the press release, request for comment, and PIR page on the PCAOB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.