The Public Company Accounting Oversight Board just published a staff question and answer
on the documentation required by Auditing Standard No. 7, Engagement Quality Review
. Previously, the SEC approved AS No. 7 on Jan. 15, 2010, and encouraged implementation guidance from the PCAOB; the staff question and answer provides this additional guidance for auditors and other users. (The statements contained in the staff Q & A are not rules of the Board, nor have they been approved by the Board.) The staff Q & A provides an objective framework for reviewers to evaluate an engagement team’s significant judgments and conclusions.
Please let us know
if you have any comments about this article or enhancements you would like to see.