PCAOB Publishes Resources Related to New Quality Control Standard

The PCAOB announced that it has released several resources to help auditors implement the requirements of the Board’s new quality control standard, QC 1000:

• Practice aid — Gives “a high-level overview of certain features unique to QC 1000, including highlighting incremental requirements that QC 1000 imposes on firms that issued audit reports for more than 100 issuers in the prior calendar year.”
• Comparison document — Includes a table comparing the requirements of QC 1000 with the quality management requirements in ISQM 1 and SQMS 1 of the IAASB and AICPA, respectively.
• Webinar — Video hosted by staff in the PCAOB’s Office of the Chief Auditor that “provides an overview of QC 1000 requirements and is designed to help auditors prepare for the standard’s implementation.”