Public Company Accounting Oversight Board
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The paper discusses the PCAOB that was created to give oversight to the AICPA. The paper explains how while this was a blow to the accounting profession, the AICPA chose to work positively with the oversight board. The paper relates that now, some EU countries are considering oversight boards of their own.
From the Paper:"The Public Company Accounting Oversight Board (PCAOB) was created by the Sarbanes-Oxley Act, passed by the U.S. Congress after the major company Enron declared unexpected bankruptcy. In the investigation of that company's downfall, it came to light that the Public Accounting Company that was supposed to be auditing their financial statements was actually advising them on how to get around the rules and falsify their financial statements. Apparently, the professional peer review system was inadequate to the task..."
Cite this Term Paper:
Public Company Accounting Oversight Board (2008, December 01) Retrieved April 19, 2021, from https://www.academon.com/term-paper/public-company-accounting-oversight-board-121962/
"Public Company Accounting Oversight Board" 01 December 2008. Web. 19 April. 2021. <https://www.academon.com/term-paper/public-company-accounting-oversight-board-121962/>