The Board first proposed a new standard on EQR on February 26, 2008. According to the announcement, “the proposal would supersede the Board’s quality control standard, SECPS Requirements of Membership, Section 1000.08(f) and apply to all audit engagements and engagements to review interim financial information conducted pursuant to the standards of the PCAOB. The proposed EQR standard also provides a framework for an engagement quality reviewer to evaluate the significant judgments made by the engagement team and conclusions reached in forming an overall conclusion on the engagement.” The Board is seeking comment on this proposed standard for a 45-day period.