What is QC 1000 (quality control standard)?
In short
The Public Company Accounting Oversight Board (PCAOB) quality control (QC) standard QC 1000, A Firm's System of Quality Control, sets requirements for registered firms' quality control systems. It takes effect on December 15, 2026, and is testable on the exam from January 1, 2027.
Key takeaways
- It uses the same eight components as the American Institute of Certified Public Accountants' Statement on Quality Management Standards (SQMS) No. 1.
- Firms evaluate their system as of September 30 each year and report on Form QC by November 30.
- Firms with more than 100 issuer audit clients need an external quality control function.
Where it's tested
AUD: Engagement Acceptance & Quality Management — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Under PCAOB QC 1000, as of what date must a registered firm evaluate its system of quality control each year, and how is the evaluation reported?