PCAOB posts new knowledge checks to help auditors gauge understanding of new QC standard

The PCAOB has posted a new series of online "knowledge checks" designed to help auditors gauge their understanding of important aspects of the PCAOB's new quality control standard, QC 1000, A Firm’s System of Quality Control. 

Some of the topics in the knowledge checks include risk assessment, roles and responsibilities under QC 1000, considerations related to ethics and independence and more. The knowledge checks are anonymous, and the results won't be made public or used in the PCAOB's oversight activities. 

The knowledge checks are in a multiple-choice question format. For instance, one asks: "The firm's risk assessment process applies to which components of the QC system? (Select all that apply.)" 

The possible answers are: 

A. Engagement performance 

B. Governance leaders 

C. The monitoring and remediation process 

D. Ethics and independence. 

The knowledge checks are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of PCAOB standards and rules.  

The SEC approved the PCAOB's QC standard in September. It will require all registered public accounting firms to identify specific risks to their practice and design a quality control system that can safeguard against those risks. The standard will require an annual evaluation of firms' QC systems and reporting to the PCAOB. It takes effect on Dec. 15, 2025. 

For more PCAOB implementation resources on QC 1000 and other PCAOB standards and rules, visit the Implementation Resources for PCAOB Standards and Rules page.  

Auditors with questions on implementing the new standard can connect with PCAOB staff via the PCAOB website or by phone at 202.591.4395.