The Public Company Accounting Oversight Board (PCAOB) was established by Congress under the Sarbanes-Oxley Act of 2002. The five-member Board has been given responsibility for overseeing the audit of public companies, including:
- Registration of public accounting firms;
- Establishing quality control, ethics, independence and other standards relating to public company audits;
- Conducting inspections, investigations and disciplinary proceedings of registered accounting firms; and
- Enforcing compliance with the Act.
The attached document provides an overview of the role of the Public Company Accounting Oversight Board (PCAOB), a definition of internal control deficiencies, and the proposed standards for management and auditor responsibilities, and documentation requirements.
(359 KB)
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