Engagement Quality Review

PCAOB Wants Audit Firms to Name Engagement Partners and Outside Contributors

Tammy Whitehouse October 18, 2011

The PCAOB is moving forward with its plans to give the investing public new glimpses into who works on and approves company audits. Some say the information could be misused. "There's a risk that the audit partner's name is going to get bandied about without an opportunity to present their side of the case," says Trent Gazzaway, managing partner at Grant Thornton.

PCAOB Offers Guidance on AS7 Documentation

Tammy Whitehouse February 23, 2010

Audit regulators are putting down early notions that a new rule on internal reviews requires copious documentation.The Public Company Accounting Oversight published a single question and answer addressing implementation of Auditing Standard No. 7: Engagement Quality Review addressing the new standard’s documentation requirements. The Securities and Exchange Commission called for...

SEC Approves New Audit Standard on Internal Reviews

Tammy Whitehouse January 18, 2010

The Securities and Exchange Commission has approved a new auditing standard on engagement quality reviews, clearing the way for the standard to take effect for audits of 2010 financial statements.Auditing Standard No. 7, Engagement Quality Review, establishes a new, more rigorous approach for audit firms to follow in reviewing their...

Enforcement Light on Engagement Quality Review

Tammy Whitehouse May 27, 2009

Although the audit engagement quality review will soon be subject to new rules, it has not been a common target for enforcement action, according to a recent academic analysis.Since 1993, only 28 enforcement cases at the Securities and Exchange Commission or the Public Company Accounting Oversight Board have resulted in...

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