SEC approves PCAOB foundational and quality control standards

PwC In Brief (Sep 26, 2024) "SEC approves PCAOB foundational and quality control standards" reports that the SEC approved on Sep 9, 2024 the two new PCAOB standards adopted May 13, 2024: AS 1000, General Responsibilities of the Auditor in Conducting an Audit, retaining and clarifying reasonable assurance, professional care, professional skepticism and professional judgment; and QC 1000, A Firm's System of Quality Control, an integrated, risk-based quality-control standard requiring registered public accounting firms to identify specific practice risks and design appropriate responses. Implementation: 14-day documentation completion applies to fiscal years beginning on or after Dec 15, 2024 for large firms (more than 100 issuer reports/year), and a year later for others. QC 1000 effective Dec 15, 2025. Large firms must add an external oversight function. Direct relevance for SEA-listed companies audited by US firms.