The Public Company Accounting Oversight Board has posted a new series of knowledge checks designed to help auditors gauge their understanding of important aspects of the regulator’s new quality control standard, QC 1000, A Firm’s System of Quality Control.
With the knowledge checks, auditors will be presented with a set of multiple-choice questions relating to several topics, including:
- General QC 1000 related matters
- Ethics and independence
- Resources
- Evaluation of and reporting on the QC system
- The firm’s risk assessment process
- Acceptance and continuance of engagements
- Information and communication
- Documentation
- Governance and leadership
- Engagement performance
- Monitoring and remediation process
The PCAOB stresses that the knowledge checks are anonymous. Results won’t be made public or used in the board’s oversight activities.
An example of a question in the “General QC 1000 related matters” section is:
3. Quality objectives QC 1000 establishes a mandatory minimum set of process-based quality objectives to be achieved by the firm. (1 Point)
a. True
b. False
The knowledge checks are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of PCAOB standards and rules. For more implementation resources on QC 1000 and other auditing standards and rules, visit the Implementation Resources for PCAOB Standards and Rules page.
Related articles:
PCAOB Replaces Old Quality Control Rules With a New Standard
PCAOB Provides Three Resources For Auditors On the New Quality Control Rules
PCAOB Posts Staff Video on Audit Firm Risk Assessment Processes Under New QC Standard
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Tags: Accounting, Auditing, auditing standards, PCAOB, quality control
