These aren’t easy times to be an auditor because of the rapid pace of change, the greying of the workforce, dramatic declines in new CPAs, new regulations, complexity in accounting rules and practices, ever-widening scope of work, aggressive regulators, and technology. It’s no wonder that rates of deficiencies of the PCAOB inspections are steadily rising. These deficiencies, also known as audits with unsupported opinions, indicate that the auditors did not have sufficient evidence to support their opinions on the financial statements.  

In this article, Audit Analytics examines how the new QC1000 standard transforms audit quality control, requiring firms to rigorously assess risks and document processes.