What is PCAOB?
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PCAOB refers to the Accounting Oversight Board of American Public companies, a private non-profit organization whose purpose is to supervise the auditors of public companies to prepare informative, fair and independent audit reports in order to protect the interests of investors and promote the public interest.
History of PCAOB
The Accounting Oversight Board of Public companies in the United States is the product of the Sarbanes-Oxley Act after the Enron scandal. PCAOB is a private non-profit organization created under the Sarbanes-Oxley Act of 2002 to supervise auditors of public companies to prepare informative, fair and independent audit reports to protect the interests of investors and promote the public interest. The committee's main funding comes from public companies. The cost of processing and reviewing the registration application of an accounting firm shall be paid for by the application fee paid by this category of firm.
The Securities and Exchange Commission regulates PCAOB, including the identification, standards and budget of the rules made by the Commission. Sarbanes Act provides funds for PCAOB activities, mainly the annual fee charged by listed companies according to the company's market capital share.
SEC is responsible for appointing PCAOB after consulting the chairman of the Federal Reserve and the Secretary of the Treasury. SEC appointed its first member on October 25, 2002. There are five members, two of whom are certified public accountants, all of whom work full-time. Its salary standard is compared with the salary of the members of FASB.
Headquartered in Washington, in addition to Atlanta, Chicago, Dallas, New York, Denver, Northern Virginia, Orlando, San Francisco has offices.
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