Description
PCAOB's QC 1000 (A Firm's System of Quality Control) takes effect. Audit firms must design, implement, and operate a quality control system compliant with QC 1000. Firms auditing 100+ issuers must establish an External Quality Control Function (EQCF). This affects cybersecurity disclosures through SOX IT audit quality.
Requirements
- Design quality control system per QC 1000
- Implement quality control system across all audit engagements
- Establish EQCF if auditing 100+ issuers
- Prepare for first reporting period (Dec 2026 - Sep 2027)
- Document quality control policies and procedures
Applicable To
PCAOB-registered audit firmsSEC-registered public companies undergoing audits
Penalty Information
âš PCAOB disciplinary actions including censure, fines, and suspension of registration.