The PCAOB has released a new staff report designed to help audit firms remedy quality control issues cited in inspections.
The report features advice for firms facing remediation following findings of quality control criticisms (QCCs) in the inspection process.
Firms have 12 months to respond to QCCs. If a firm falls short in the remediation process, the PCAOB publicly discloses its quality control deficiencies.
The new staff report reviews the PCAOB’s 2013 guidance and spotlights seven additional considerations for firms during the QCC remediation process.