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Elevate Your Audit Quality with the Latest PCAOB QC Standards

 

Join us for an essential CPE webinar event exploring the new Quality Control (QC) standards recently (May 13, 2024) adopted by the Public Company Accounting Oversight Board (PCAOB). This pivotal update represents a significant shift in audit quality control, introducing a risk-based approach designed to foster continuous improvement and ensure the highest standards of audit integrity and investor protection.

 

Key Features of the New Standard

 

 

Risk-Based Approach: The new QC standard introduces a dynamic framework that requires PCAOB-registered firms to proactively identify and manage specific risks associated with their practice. This approach ensures that firms design, implement, and operate a QC system with a high level of rigor, tailored to their unique operational risks.

 

Mandatory Compliance: All PCAOB-registered firms must now design a QC system compliant with the new standards. This includes annual evaluations of their QC system, reporting the results to the PCAOB on the newly introduced Form QC. This form must be certified by key firm personnel, reinforcing accountability at all levels.

 

External QC Function (EQCF): Firms auditing more than 100 issuers annually are required to establish an EQCF for external oversight. This function is critical in evaluating significant judgments made by the firm, ensuring that the QC system's effectiveness is continuously assessed and improved upon.

 

Why Attend?

  • Stay Ahead: Understand the implications of the new QC standards on your practice and how to ensure compliance.
  • Expert Insights: Gain insights from experts deeply involved in the development and implementation of the new standards.
  • Practical Advice: Learn practical strategies for aligning your firm's practices with the new requirements.
  • Interactive Q&A: Have your specific questions answered in an interactive Q&A session with our panel of experts.

 

Who Should Attend?

  • Audit professionals from PCAOB-registered firms
  • Compliance officers looking to understand the new QC standards
  • Firm leadership responsible for implementing QC systems
  • Anyone interested in the latest developments in audit quality control

 

About PCAOB’s New QC Standard

 

The new QC standard marks a significant evolution from the standards previously issued by the American Institute of Certified Public Accountants before the establishment of the PCAOB in 2002. Recognizing the drastic changes in the auditing environment, PCAOB Chair Erica Y. Williams emphasizes that “effective quality control systems are the foundation of quality audits and investor protection."

 

This webinar is your opportunity to understand how these changes will affect your firm and how you can leverage the new standards to enhance audit quality and integrity.

 

We look forward to welcoming you to an insightful and engaging session on mastering the new PCAOB QC standards.

New PCAOB Firm Quality Control Systems

$140.00Price
  • Offered every six weeks on Wednesdays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

    NASBA Program Disclosure

    Program Level of Understanding: Basic
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Auditing
    CPE Credits: 2, based on 50 minutes of instruction per hour

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