Public Company Accounting Oversight Board; Will It Protect Investors?
Public Company Accounting Oversight Board; Will it Protect Investors?
The Public Company Accounting Oversight Board (PCAOB) was created by Sarbanes-Oxley Act of 2002. This board was created to oversee the audit of public companies, subject to the securities laws, in order to protect the interests of investors (15 USC 7201, 2002). It was created in wake of the recent financial scandals of Enron, WorldCom, and Global Crossing to name a few. This "Act" established by Congress is to create an oversight board, so that such scandals will never occur again. Will this oversight board work and will its work restore public confidence and encourage individuals to invest in the stock market again?
The PCAOB is not a tax-payer funded agency. It is supported by over 8800 companies and mutual funds that benefit from independent audits (Epstein). The PCAOB principle duties are;
1. Register public accounting firms that prepare audits.
2. Establish and/or adopt standards relating to the......
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