Rising audit deficiency rates and deficiencies in firms’ quality control (QC) systems as noted in inspections have resulted in the issuance of new quality management standards around the world. For PCAOB registered firms, this means they must comply with the requirements of QC 1000, A Firm’s System of Quality Control by December 15, 2025. Do you remember the effort required by public companies in the U.S. when first implementing the requirements of the Sarbanes-Oxley Act (SOX)? Well, we believe a similar level of effort will be required of firms implementing QC 1000! A properly functioning QC system should provide the firm with reasonable assurance that the work performed by engagement personnel meet applicable professional standards, regulatory requirements, and the firm’s standards of quality. This CPE-eligible (2.0 CPE) eLearning course begins with a discussion on the importance of audit quality and why new quality management standards were needed. It then provides an overview of the firm’s system of quality control, walking through each of the eight components of a firm’s QC system including: -Establishing quality objective -Identifying and assessing quality risks; and -Designing and implementing quality responses. Finally, we discuss the monitoring and remediation component, as well as the requirements for firms to annual evaluate and report on their QC system, communicating the results of the evaluation to the PCAOB on a Form QC. According the PCAOB Chair, “When quality control systems operate effectively, quality audits follow, and investors are better protected.” We couldn’t agree more. Start your journey today by registering for this eLearning course to improve the quality of your audits and reduce engagement deficiencies!