The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports'. Although a private entity, the PCAOB has many government-like regulatory functions, making it in some ways similar to the private Self Regulatory Organizations (SROs) that regulate stock markets and other aspects of the financial markets in the United States.
Welcome to CWAnswers
CWAnswers is your guide to the sprawling world wide web. The directory aims to provide a useful guide made by users. You can share your knowledge as well - simply sign up and edit your first entry. For questions just contact the team at support - at - cwanswers.com.
Weblinks for Pcaob
Top 10 for Pcaob
Things about Pcaob you find nowhere else.
Select content modules
The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports'. Although a private entity, the PCAOB has many government-like regulatory functions, making it in some ways similar to the private Self Regulatory Organizations (SROs) that regulate stock markets and other aspects of the financial markets in the United States.
Organization overview
The PCAOB has five members, including its chairman, each of whom are appointed by the U.S. Securities and Exchange Commission (SEC). Two members of the PCAOB (and only two members) must be or have been a certified public accountant. However, if the chairman of the PCAOB is one of those two members, he or she may not have been a practicing certified public accountant for at least five years prior to being appointed to the Board. Each PCAOB member serves full-time, for staggered five-year terms. The salary of the PCAOB's chairman is currently $556,000 per year, while the salaries of other board members are $452,000 annually. The Board's annual budget of approximately $100 million, which must be approved by the SEC each year, is funded by fees paid by U.S. issuers. The organization has a staff of over 300, and its headquarters is in Washington, D.C. The PCAOB's immediate past chairman is the former New York Federal Reserve president, William J. McDonough. The Board's current Chairman is Mark Olson, a former Federal Reserve Board governor.
PCAOB powers
Under Section 101 of the Sarbanes-Oxley Act, the PCAOB has the power to:
- register public accounting firms that prepare audit reports for issuers;
- set auditing, quality control, ethics, independence and other standards relating to the preparation of audit reports by issuers;
- conduct inspections of registered public accounting firms;
- conduct investigations and disciplinary proceedings concerning, and impose appropriate sanctions where justified upon, registered public accounting firms and associated persons of such firms (including fines of up to $100,000 against individual auditors, and $2 million against audit firms);
- perform such other duties or functions as the Board (or the SEC) determines are necessary or appropriate to promote high professional standards among, and improve the quality of audit services offered by, registered public accounting firms and their employees;
- sue and be sued, complain and defend, in its corporate name and through its own counsel, with the approval of the SEC, in any Federal, State or other court;
- conduct its operations, maintain offices, and exercise all of its rights and powers in any part of the United States, without regard to any qualification, licensing or other provision of State or municipal law;
