The PCAOB recently posted three new resources to assist firms with the implementation of QC 1000, A Firm’s System of Quality Control — a new standard approved by the board this past May.
The latest move comes as part of the board’s efforts to modernize and update quality control rules previously established by the AICPA before the PCAOB's inception in 2002.
QC 1000 will require all PCAOB-registered accounting firms to identify the specific risks that would inhibit audit quality and design a quality control system that includes policies and procedures to guard those risks.
The resources provided by the PCAOB include a practice aid, a comparison document and a webinar. Read more.