Submitted by: Submitted by ramecha
Views: 10
Words: 4872
Pages: 20
Category: Business and Industry
Date Submitted: 09/03/2015 08:39 AM
Abstract
The purpose of this research paper is to provide an in depth review of the Public Company Accounting Oversight Board (PCAOB) and how it contributes to the interest of the Sarbanes Oxley Act of 2002. The research highlights the importance of the PCAOB’s role in the accounting profession as well as prospective changes that may evolve in the future related to PCAOB. Upon reading this research the reader will be familiar with PCAOB’s roles and functions, as well as auditing standards (AS) released such as AS5 and AS11. The PCAOB’s significance in the protection of investors is revealed as well.
Keywords: SEC, PCAOB, SOX, AS 5, AS 11, Internal Control, Materiality
Table of Contents
Introduction……………………………………………………………………………………………….5
PCAOB…………….……………………………………..……………………………….……….……5-6
a) The PCAOB Mission, Vision, & Core Values………………………………….………........6-7
b) Current Standards…………………………………………………………….…..............…7-8
c) Future Standard Plans…………………………………………………………………….…8-9
Sarbanes Oxley Act of 2002 Section 404……………………………………………………………...….9
a) Auditing Standard 5…………………………………………………………………….….9-10
b) Auditing Standard 11……………………………………………………………………..10-12
c) Communication Requirements.................................................................................................13
Conclusion...................................................................................................................................................13
References…………………………………………………………………...………………………...21-22
List of Tables
Table 1- History of PCAOB………………………………………………………………………..14-20
Introduction
There once was a time when there was minimum protection for investors when it came to the reliability of corporate disclosures. There were scandals affecting companies such as WorldCom, Enron, and Tyco International that caused investors to lose billions of dollars. As a result of these scandals, the Sarbanes-Oxley Act of 2002 was enacted...