The PCAOB will consider proposing a new standard for audit firms' internal evaluations.
The Public Company Accounting Oversight Board could soon move forward on one of its long-standing projects: how the audit firms should conduct their internal reviews.
Under the Sarbanes-Oxley Act, which led to the creation of the PCAOB, the audit firm overseer is required to set a standard for the conduct of engagement quality reviews. For each audit, a partner not deeply involved with the work opines on the job before the firm signs-off on the review process. The partner may conduct this objective review during the audit and when the work is completed.
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