PwC submitted a comment letter on the PCAOB’s Post-Implementation Review of AS 7. We commend the Board and its staff for their use of public comment to aid in the PCAOB’s post-implementation review of AS 7. We believe this is a valuable addition to the Board’s standard setting process and contributes to the advancement of clearly articulated auditing standards and enhancement of audit quality.
We believe engagement quality reviews performed in accordance with AS 7 provide an appropriately rigorous evaluation of significant judgments made by audit engagement teams and the related conclusions reached in forming the overall conclusion on the engagement and in preparing the engagement report. As a result, we do not have further suggestions for specific refinements to AS 7.
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