On Sep. 18, 2026, SEC published notice of proposed amendments in federal register; comments on proposed changes should be submitted on or before Oct. 9, 2026.
On Jun. 9, PCAOB proposed amendments to provisions of QC 1000.
PCAOB proposed supplemental release for comment on proposed amendments to QC 1000, A Firm’s System of Quality Control, related changes to forms, QC reporting rule.
Amendments improve coherence with other quality management standards and reduce compliance costs to protect investors.
Rescind design-only requirement so impose requirements only on firms required to comply with applicable professional and legal requirements for any engagement.
Provide increased flexibility in filling specified roles in QC system, including permitting roles to be assigned to non-firm personnel and divided among multiple individuals.
Rescind requirement for firms with largest audit practices have External QC Function.
Narrowed and simplified communication requirements relating to metrics that the firm communicates about its audit practice, firm personnel, or its engagements.
Require evaluation if similar engagement deficiencies exist only if identified deficiency result in failure obtain sufficient audit evidence to support or inappropriate conclusion.
Revised QC deficiency to make clear when firms implemented more than one quality response to address same quality risk, can take other quality responses into account.
Allowed firms to select the date as of which they annually evaluate the effectiveness of their QC system, rather than requiring firms to evaluate as of Sep. 30.
Revised the QC system evaluation conclusions to align more closely with the conclusions in quality management standards, while retaining a structured process.
Simplified the requirements for retention of QC system documentation and abbreviate retention period from 7 to 5 years.
Consultation
Comments on proposed supplemental release on QC 1000 due by Jul. 9, 2026.
Effectiveness
QC 1000 is slated to take effect on Dec. 15, 2026.
Follows Aug. 17, 2026 publication of related questions and answers, see #309905.
Modified QC 1000.68d to clarify understanding circumstances that led to deficiency guides which other engagements to evaluate, rejected EQCF alternatives proposed.
Added amendments to AS 2101 (audit planning) to remove references to rescinded standard; Form 1, Form 2 amendments; codified Q&As on implementation (#309905).
On Sep. 10, 2026, PCAOB issued Form 19b-4 on the final proposed rule amendments.
Sep. 14, 2026 Form 19b-4 Amendment No. 1
On Sep. 14, 2026, PCAOB issued Form 19b-4 for Amendment No. 1 to the proposed rules regarding one technical correction to delete a heading from QC 1000.
Sep. 15, 2026 SEC Notice
On Sep. 15, 2026, SEC issued notice of filing of PCAOB's final amendments; comments due 21 days after publication in the federal register.
Sep. 18, 2026 Fed Reg Notice
On Sep. 18, 2026, SEC published notice of proposed amendments in federal register; comments on proposed changes should be submitted on or before Oct. 9, 2026.
