PCAOB Publishes Q&A on Engagement Quality Review Standard

Submitted by Melissa Hoffmann on Tue, 03/09/2010 - 21:23

The Public Company Accounting Oversight Board (PCAOB) has published a staff question-and-answer on the documentation requirements of Auditing Standard No. 7, Engagement Quality Review. The Engagement Quality Review (EQR) standard provides a framework for the engagement quality reviewer to objectively evaluate the significant judgments made and related conclusions reached by the engagement team in forming an overall conclusion about the engagement, according to the agency.

The Securities and Exchange Commission (SEC) approved AS7 on Jan. 15. In its order approving the EQR standard, the SEC urged the PCAOB to provide further guidance on the documentation requirements of the standard. The staff question-and-answer is intended to provide this additional implementation guidance, the PCAOB said.

 

Bookmark/Search this post with:

The New York State Society of Certified Public Accountants (NYSSCPA) encourages you to add a comment to this discussion.  You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law.  Please note that NYSSCPA reviews all comments prior to posting. NYSSCPA may edit comments for clarity or to keep out questionable or off-topic material.  All comments should be relevant to the post and remain respectful of other authors. To view the full “NYSSCPA Blog Terms and Conditions,” click here.