PCAOB Releases New Auditing and Quality Control Standards

May 13, 2024

The PCAOB has released the following standards:

General Responsibilities of the Auditor in Conducting an Audit and Amendments to PCAOB Standards — “[A]ddresses the general responsibilities of the auditor, such as due professional care and professional skepticism, when conducting an audit in accordance with the standards of the PCAOB.”
A Firm’s System of Quality Control and Other Amendments to PCAOB Standards, Rules, and Forms — Requires “all PCAOB registered firms to identify their specific risks and design a [quality control] system that includes policies and procedures to guard against those risks.”

For more information, see the press releases on the new auditing and quality control standards on the PCAOB’s Web site.