[Global Financial Insights] PCAOB’s Updated Quality Control Standard Approved by SEC and More
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 14 January, 2025
Latest from Taxmann
Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update.
1. PCAOB’s updated Quality Control Standard approved by SEC
The Public Company Accounting Oversight Board (PCAOB) has adopted a new “Quality Control” standard, QC 1000, A Firm’s System of Quality Control to enhance the quality control standards for audit firms. The PCAOB requires all registered public accounting firms to implement QC 1000 to identify specific risks to their practice and design a quality control system with appropriate responses to guard themselves against those risks.
The aforementioned standard requires the annual evaluation of the audit firm’s quality control systems and the result of such evaluation shall be reported to the PCAOB by the firm’s key personnel. Furthermore, the audit firm issuing audit report to more than 100 issuers shall also be required to establish an External Quality Control Function (EQCF) which shall be composed of one or more persons who shall exercise independent judgment to the firm’s quality control system.
Considering the fact that the effective quality control system shall protect investors’ rights and the improvement in the audit firm’s quality control would result in the issuance of more informative, accurate, and independent audit reports, the Securities and Exchange Commission (SEC) through its press release dated 9th September 2024, approved the aforementioned new quality control standard adopted by PCAOB along-with the related amendments to the standards, rules and forms.
It is hereby important to note that, the QC 1000 and the related amendments to other PCAOB standards, rules, and forms will be effective from 15th December, 2024.
Source: Securities and Exchange Commission
Click Here To Read The Full Article
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
