PCAOB


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PCAOB

Public Company Accounting Oversight Board

A regulatory body in the United States that oversees auditors and auditing firms. The PCAOB has the authority to register and regulate public accounting firms and to investigate them to ensure that they comply with applicable laws. The PCAOB consists of five members appointed by the SEC, which oversees its activities. Only two members of the PCAOB may be current or former CPAs. It is a private organization created by the U.S. government in the Sarbanes-Oxley Act.
References in periodicals archive ?
There's also a list of questions that audit committees may want to ask their audit firms about PCAOB inspections, including:
The shortcomings of the PCAOB and Sarbanes-Oxley have been recognized by members of both parties.
Justices Stephen Breyer, Ruth Ginsberg and Sonia Sotomayor appeared to believe the PCAOB is substantially subordinate to the SEC and that the president has adequate control under this regulatory structure.
Internal Control Reporting: A Practical Guide to the PCAOB Standard (# 181421/A).
A detailed reference table and narrative explaining the applicability of the PCAOB standards and generally accepted auditing standards--and the differences between the two sets of standards
Public accounting firm: A proprietorship, partnership, incorporated association, corporation, limited liability company, limited liability partnership or other legal entity (as well as any person associated with such entity, to the extent designated by PCAOB rules), engaged in the practice of public accounting or preparing or issuing audit reports (SOA Section 2(a)(11)).
The Movaris' OneClose solution has been at the forefront of addressing the inefficiencies of manual reporting and tracking, and Movaris' unique ability to directly link SOX controls, reconciliations and close tasks to specific financial statement line items and GL accounts is essential to complying with new SEC and PCAOB guidance.
All other aspects of the SEC's oversight, the structure of the PCAOB and its programs are unaffected by the Court's decision, which can be read online at http://twurl.
At issue is the manner in which PCAOB members are appointed and removed as well as the authority the members wield while on the board.
By providing practical guidance to companies, by working with the PCAOB on their forthcoming revised standard for auditors, and by examining how the PCAOB inspection process is succeeding in increasing the efficiency and cost-effectiveness of the audit process, we will take a giant step toward 'getting it right' when it comes to Section 404 compliance.
The legal challenge unveiled today shows the PCAOB violates separation of powers principles because the board performs an executive function, yet neither the President nor any entity within the executive branch was given authority to appoint or remove board members," said Michael Carvin, outside legal counsel to Free Enterprise Fund.
Provide a forum for firms to express views on technical and regulatory matters involving practice before the SEC and the PCAOB.