PCAOB Issues Staff Q&A Regarding Auditing Standard No. 7
 
(03/16/2010) In January, the SEC approved Auditing Standard No. 7 (AS 7), Engagement Quality Review, which was adopted by the Public Company Accounting Oversight Board (PCAOB) in July 2009. During its approval, the SEC "encouraged" the PCAOB to provide additional implementation guidance regarding the documentation requirement of AS 7. On February 19, the PCAOB issued the additional guidance in the form of a Question & Answer, "Auditing Standard No. 7, Engagement Quality Review."
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