PCAOB finalizes simplified quality control amendments

PCAOB recently finalized amendments to QC 1000, A Firm’s System of Quality Control, setting the stage for the board that oversees audits of public companies to consider a quality control-focused approach to future inspections.

“Strong, effective auditing standards underpin the PCAOB’s oversight, and QC 1000 is one of the most consequential standards that the board has ever adopted,” PCAOB chair Demetrios Logothetis said in a news release.

Pending SEC approval — a standard part of the process related to PCAOB initiatives — QC 1000 and related amendments to PCAOB forms and the QC reporting rule go into effect Tuesday, Dec. 15. See the amendments to QC 1000.