What is PCAOB?

What is PCAOB?

PCAOB refers to the U.S. Public Company Accounting Oversight Board. It is a private, non-profit organization whose purpose is to supervise the auditors of public companies to prepare informative, fair and independent audit reports to protect investments. interests and promote the public interest.

PCAOB History

The Public Company Accounting Oversight Board was a product catalyzed by the Sarbanes-Oxley Act following the Enron scandal. The PCAOB is a private, non-profit organization created by the Sarbanes-Oxley Act of 2002 to oversee the preparation of informative, fair and independent audit reports by auditors of public companies to protect the interests of investors and To advance the public interest. The commission is primarily funded by public companies. The costs of processing and reviewing an accounting firm's application for registration are met by application fees paid by such firms.

The U.S. Securities and Exchange Commission regulates the PCAOB, including the identification, standards and budget of rules established by the Commission. The Sarbanes-Oxley Act provides operating funds for the PCAOB, mainly annual fees charged to public companies based on the company's market capital share.

The SEC is responsible for designating the PCAOB after consulting the Chairman of the Federal Reserve Board and the Secretary of the Treasury. The SEC appointed its first member on October 25, 2002. There are 5 members, 2 of whom are certified public accountants, and all members work full-time. Its remuneration standards are based on FASB member remuneration.

The headquarters is in Washington, D.C., and has offices in Atlanta, Chicago, Dallas, New York, Denver, Northern Virginia, Orlando, and San Francisco.

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