{"id":2314,"date":"2022-12-05T11:14:43","date_gmt":"2022-12-05T16:14:43","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2314"},"modified":"2022-12-05T11:14:47","modified_gmt":"2022-12-05T16:14:47","slug":"pcaob-proposes-new-audit-firm-quality-control-standards","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/pcaob-proposes-new-audit-firm-quality-control-standards\/","title":{"rendered":"PCAOB Proposes New Audit Firm Quality Control Standards"},"content":{"rendered":"\n<p>On November 18, 2022, the PCAOB issued a&nbsp;<a href=\"https:\/\/pcaob-assets.azureedge.net\/pcaob-dev\/docs\/default-source\/rulemaking\/docket046\/2022-006-qc.pdf?sfvrsn=b89546e2_2\">proposed auditing standard<\/a>&nbsp;designed to modernize and improve audit firm quality control standards.&nbsp;&nbsp;The current standards were developed by the AICPA and were part of the interim standards adopted at the time the PCAOB was originally formed in 2002.<\/p>\n\n\n\n<p>The proposed standards incorporate feedback from advisory groups and a 2019 concept release.&nbsp;&nbsp;&nbsp;According to the PCAOB\u2019s&nbsp;<a href=\"https:\/\/pcaobus.org\/news-events\/news-releases\/news-release-detail\/pcaob-proposes-a-new-quality-control-standard\">News Release<\/a>, the proposed quality control standards are \u201cgrounded in proactively identifying and managing risks to quality, with a feedback loop from ongoing monitoring and remediation designed to drive continuous improvement.\u201d&nbsp;&nbsp;In addition, the proposed standards would require that firms annually evaluate their quality control system and report the results on a new Form QC.<\/p>\n\n\n\n<p>The Board has asked for comments by February 1, 2023.<\/p>\n\n\n\n<p>As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On November 18, 2022, the PCAOB issued a&nbsp;proposed auditing standard&nbsp;designed to modernize and improve audit firm quality control standards.&nbsp;&nbsp;The current standards were developed by the AICPA and were part of the interim standards adopted at the time the PCAOB was originally formed in 2002. The proposed standards incorporate feedback from advisory groups and a 2019 &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/pcaob-proposes-new-audit-firm-quality-control-standards\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">PCAOB Proposes New Audit Firm Quality Control Standards<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[242,110],"tags":[],"coauthors":[154],"class_list":["post-2314","post","type-post","status-publish","format-standard","hentry","category-reporting","category-role-of-the-audit-committee"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2314"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2314\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2314"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}