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PCAOB – Board Proposes New Auditing Standard: Engagement Quality Review

PCAOB – Board Proposes New Auditing Standard: Engagement Quality Review

by Toby Lucich on February 26, 2008

The Public Company Accounting Oversight Board voted today to propose for public comment a new auditing standard on engagement quality review and a conforming amendment to the Board’s interim quality control requirements. This proposed standard would supersede the Board’s interim quality control standard, SECPS Requirements of Membership § 1000.08(f).

Section 103 of the Sarbanes-Oxley Act of 2002 directs the Board to include in its auditing standards a requirement that each registered public accounting firm “provide a concurring or second partner review and approval of [each] audit report (and other related information), and concurring approval in its issuance.” The proposed standard, which would apply to all engagements performed in accordance with the standards of the PCAOB, is risk-based and designed to increase the likelihood that engagement deficiencies will be identified and corrected prior to the issuance of the auditor’s report. The proposed standard provides a firmer framework for an engagement quality reviewer to objectively evaluate the significant judgments made by the engagement team and the conclusions reached in forming the overall conclusion on the engagement and in preparing the engagement report.

PCAOB – Board Proposes New Auditing Standard: Engagement Quality Review

{ 1 comment… read it below or add one }

estina gordon May 13, 2011 at 10:14 am

what general points an auditor consider before accepting a new engagement (new auditor client)

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