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The Public Company Accounting Oversight Board (PCAOB) was created as a result of the Sarbanes-Oxley Act....

The Public Company Accounting Oversight Board (PCAOB) was created as a result of the Sarbanes-Oxley Act. It has oversight and enforcement responsibilities over accounting firms in the United States.

a. What is the mission of the PCAOB?b.

b. Briefly summarize its responsibilities related to inspections.

c. Briefly summarize its responsibilities related to enforcement.

Business   Accounting   
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Answer #1

The Public Company Accounting Oversight Board (also known as the PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee accounting professionals who provide independent audit reports for publicly traded companies. The PCAOB's responsibilities include the following:

registering public accounting firms;

establishing auditing, quality control, ethics, independence, and other standards relating to public company audits;

conducting inspections, investigations, and disciplinary proceedings of registered accounting firms; and

enforcing compliance with Sarbanes-Oxley.

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