The PCAOB voted unanimously on September 9, 2026, to approve changes to QC 1000, A Firm’s System of Quality Control, which remain on track for a December 15, 2026, effective date pending SEC approval. The amendments eliminate the External QC Function requirement and limit the standard's scope to firms that must follow professional and legal standards on an engagement. Other changes include flexibility in staffing QC roles, a materiality filter for deficiency evaluations, and a reduction in record retention periods from seven to five years. These revisions aim to lower implementation costs for audit firms while preserving investor protection, though the PCAOB chair noted that QC-focused inspections will continue to evolve.
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