Public Company Accounting Oversight Board (PCAOB)
Definition of 'Public Company Accounting Oversight Board (PCAOB)'
The PCAOB has three main responsibilities:
* Setting auditing standards for public companies
* Registering, inspecting, and disciplining public accounting firms
* Investigating and enforcing violations of the Sarbanes-Oxley Act
The PCAOB is led by a five-member board, which is appointed by the Securities and Exchange Commission (SEC). The board is responsible for setting the PCAOB's policies and procedures, and for overseeing the work of the PCAOB's staff.
The PCAOB's staff is responsible for carrying out the PCAOB's mission. The staff includes auditors, investigators, and other professionals who are responsible for auditing public companies, inspecting public accounting firms, and investigating violations of the Sarbanes-Oxley Act.
The PCAOB is an important part of the financial regulatory system in the United States. The PCAOB's work helps to ensure that public companies are audited in a high-quality and transparent manner, and that violations of the Sarbanes-Oxley Act are investigated and punished.
The PCAOB has been criticized by some for being too slow and bureaucratic. However, the PCAOB has also been praised for its work in improving the quality of audits of public companies. The PCAOB is an important part of the financial regulatory system in the United States, and its work helps to protect investors and the public.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.