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 ?
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).
PCAOB inspectors identified deficiencies during 2016 in:
PCAOB Chairman James Doty has said the audit regulatory board will not finalize its rules for an expanded auditor's report until the SEC's next chairman is sworn in.
The standard supersedes PCAOB AU Sections 310 and 380, retaining its communication requirements, enhancing some and adding others.
The Supreme Court will take up the issue soon, and some legal experts believe that SOX could be abolished completely if the court rules the PCAOB unconstitutional.
As the PCAOB continues to issue standards and rules, its influence will likely grow, making knowledge of its activities even more important to those in the audit profession.
Designated the PCAOB as a body with the authority to promulgate auditing standards as well as attestation, quality control, ethics, independence and other standards related to the preparation and issuance of audit reports for issuers.
The new rules promoting the ethics and independence of public company auditors "draw clear lines to distinguish inappropriate services that impair auditor independence from permissible services that are not detrimental" according to PCAOB Chair William J.
CEOs must keep up the pressure on the SEC, the PCAOB and others to restore sanity.
The PCAOB voted unanimously in late March to propose an auditing standard for reporting on the elimination of material weaknesses in companies' internal controls over financial reporting.