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 ?
Unless an audit is within the jurisdiction of the PCAOB (i.e., for an SEC issuer, as defined by the SEC and PCAOB, or a securities broker-dealer), one is required by the Code of Professional Standards (ET section 1.310.001.01 and Appendix A thereto) to conduct an audit of a U.S.
Chamber of Commerce, expressed his unhappiness with the rewrite, saying, "The CCMC continues to have concerns about whether the revisions now being considered by the PCAOB strike the right balance on the responsibilities of the lead auditor."
The PCAOB publishes two types of enforcements detailing an entity's violations and resulting sanctions: Settled Disciplinary Orders and Adjudicated Disciplinary Orders (PCAOB 2015b).
The Dodd-Frank Act amended the Sarbanes-Oxley Act to, among other things, give the PCAOB oversight authority for the audits of broker-dealers registered with the Securities and Exchange Commission.
The Knowledge Group has assembled a panel of key thought leaders to provide the audience with an in-depth analysis and thorough discussion of the SEC and PCAOB New Standards on Broker Dealer Auditing of Related-Party Transactions.
(1) In an effort to remediate the issue, The PCAOB has proposed a new auditor reporting standard that will significantly change the existing auditor reporting model (ARM or "the model") and consequently the auditor's report.
Despite the overwhelming opposition to mandatory rotation, the PCAOB has yet to make a final decision and close the door on rotation.
"[The standard] emphasizes effective two-way communication on matters of PCAOB great importance to James the audit and the financial statements, such as significant risks, critical accounting estimates, difficult or contentious matters, significant unusual transactions and going concern," said Bauman.
"As fellow members of the International Federation of Independent Audit Regulators, the DFSA and the PCAOB are committed to developing and implementing international standards, among them supporting co-operation between regulators and promoting greater consistency of audit oversight," he noted.
Pro-business advocates, represented by the Free Enterprise Fund, argue that the PCAOB's governance structure is unconstitutional because it is an independent agency that does not allow for the president to appoint members.
Although most internal auditors are likely familiar with the PCAOB, some may not be aware of its specific activities or the rules that govern its authority.
A pro-market research institute, the Free Enterprise Fund, and a small accounting firm, Beckstead and Watts, claim in their suit that the PCAOB violates the Constitution in several ways.