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PCAOB proposes enhancements to improve firms' quality control systems

On November 18, the PCAOB issued a proposed standard aimed at enhancing firms' quality control (QC) systems. The proposal would require all registered firms to take a risk-based approach to designing their QC systems, including establishing quality objectives, identifying and assessing quality risks to the achievement of those objectives, and developing policies and procedures to address such risks. Registered firms that perform audits for public companies or SEC-registered brokers and dealers would also be required to implement and operate their QC system in accordance with the proposed standard. Annual reporting on QC system effectiveness would be required to audit committees of every issuer and broker-dealer client. Firms that perform or have responsibilities with respect to engagements under PCAOB standards would also have a new non-public reporting requirement to the PCAOB on a new form (Form QC). For more details, see the PCAOB fact sheet. Comments on the proposal are due February 1, 2023.

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