A new staff report issued by the Public Company Accounting Oversight Board (PCAOB) seeks to provide best practices for auditors amid observations of rising deficiency rates related to engagement quality reviews (EQRs).
The report, published Thursday, comes after the PCAOB found 42 percent of firms it inspected in 2022 had a quality control criticism related to EQRs. The number of U.S. global network firms with an EQR deficiency increased 33 percent from 2021 to 2022.
