Important revisions to the new audit quality control QC 1000 standard have been announced by the Public Company Accounting Oversight Board (PCAOB). The intention is to increase flexibility for audit firms and reduce compliance costs.
In its introduction to the amendments, the PCAOB explained they “address concerns regarding the implementation challenges identified by firms and better align certain provisions with other quality management standards.” It stated that the changes would preserve all the investor protection benefits of the new standard.
