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The Role and Impact of the Public Company Accounting Oversight Board (PCAOB) in Ensuring Audit Independence Post-Sarbanes-Oxley Act

This assignment discusses the PCAOB�s role in maintaining audit independence under the Sarbanes-Oxley Act.

Benjamin Fisher
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The Role and Impact of the Public Company Accounting Oversight Board (PCAOB) in Ensuring Audit Independence Post-Sarbanes-Oxley Act - Page 1 preview image

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Running Head: Ethics in ActionThe Role and Impact of the Public Company Accounting Oversight Board(PCAOB) in Ensuring Audit Independence Post-Sarbanes-Oxley ActTitle:Course Name:Topic Name:Instructor Name:Student Name:Date:IntroductionThe Public Company Accounting Oversight Board (PCAOB) is anonprofit;private-sectorCorporationcreatedby theSarbanes-Oxley Act of 2002tosuperviseaccountingspecializedwhoprovideprivateaudit reports for publicly tradedbusinesscompanies(R Thompson&KVenkataraman,2004).Mainly it was created in wake of thecurrentfinancial scandals ofsuchglobal companies likeGlobal Crossing,Enron, WorldCom, and to name a few.Importantly thevaluableAct established byUSCongress is tomakean oversight board, so thatthese typescandalswill neverariseagainin future.Sarbanes-Oxley Act (SOX)immediatelychanged thebusinessway howpubliccompaniestakeinsidecontrols and reporting withinfinance andaccounting and thebusinesswayofpubliccompanies being administered. One of the mostkeyobjectives ofSarbanes-Oxley Actis tomanagepublic accounting,investmentandpublicity reporting business.With the aim ofwatchthe acts of public accountancyandfollowthe main objectives ofSOX,itcreated PCAOB. Thishigh levelboard directs thepublicity reporting businessandaccounting line of work with respecttobusiness audits andreporting (R Thompson&K Venkataraman,2004).The members of

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Accounting

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