SEC Approves PCAOB Quality Control Standard

The SEC announced that it has approved the PCAOB standard QC 1000, A Firm’s System of Quality Control and Other Amendments to PCAOB Standards, Rules, and Forms. The new standard “establishes an integrated, risk-based quality control standard that will require all registered public accounting firms to identify specific risks to their practice and design a quality control system that includes appropriate responses to guard against those risks.”

For more information, see the press release — as well as the statements by SEC Chair Gary Gensler and Commissioners Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga — on the SEC’s Web site.