Overview of QC 1000: A Firm’s System of Quality Control
Description
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. to implement the requirements of the Sarbanes-Oxley Act (SOX)? Well, we believe implementing QC 1000 requires a similar level of effort! This QC 1000 CPE webinar introduces you to the key requirements of this standard.
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. Therefore, this QC 1000 CPE-eligible (1.0 CPE) webinar begins with a discussion on the importance of audit quality. After that, it discusses why new quality management standards were needed. Then it provides an overview of the firm’s system of quality control. Finally, the course walks 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 a result, this includes the requirements for firms to annually evaluate and report on their QC system. They also must communicate the results of the evaluation to the PCAOB on a Form QC.
In conclusion, 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 QC 1000 CPE eLearning course. Improve the quality of your audits and reduce engagement deficiencies!
Interested in group discounts for your team? Contact us to learn more.
Learning Objectives
By the end of this course, you should be able to:
- Identify the components within a firm’s system of quality control
- Recall the requirements for firms set out in QC 1000
Additional Information
| Last Updated | 12/01/2024 |
|---|---|
| CPE Credit | 2 |
| Field of Study | Auditing |
| Instructional Delivery Method | QAS Self Study |
| Knowledge Level | Overview |
| Prerequisites | None |
| Advanced Preparation | None |
| Expiration | This course, collection, or subscription expires one year from the date of purchase. The post-course assessment for each course must be satisfactorily completed, as evidenced by a passing grade of at least 70%, by the expiration date to be awarded any qualifying continuing professional education (CPE) credit. |
| Refund or Cancellation Policy | For more information regarding refunds, concerns, and program cancellation policies, please contact the GAAP Dynamics Support Team via email at support@gaapdynamics.com or call (804) 897-0608. |
$199
2h 00m
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