The Role and Impact of the Public Company Accounting Oversight Board (PCAOB) in Ensuring Audit Independence Post-Sarbanes-Oxley Act

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Running Head: Ethics in Action The Role and Impact of the Public Company Accounting Oversight Board (PCAOB) in Ensuring Audit Independence Post - Sarbanes - Oxley Act Title: Course Name: Topic Name: Instructor Name: Student Name: Date: Introduction The Public Company Accounting Oversight Board (PCAOB) is a nonprofit; private - sector Corporation created by the Sarbanes - Oxley Act of 2002 to supervise accounting specialized who provide private audit reports for publicly traded business companies ( R Thompson & K Venkataraman , 2004 ) . Mainly i t was created in wake of the current financial scandals of such global companies like Global Crossing , Enron, WorldCom, and to name a few. Importantly the valuable Act established by US Congress is to make an oversight board, so that these type scandals will never arise again in future . Sarbanes - Oxley Act ( SOX ) immediately changed the business way how public companies take inside controls and reporting within finance and accounting and the business way of public companies being administered. One of the most key objectives of Sarbanes - Oxley Act is to manage public accounting, investment and publicity reporting business. With the aim of watch the acts of public accountancy and follow the main objectives of SOX, it created PCAOB. This high level board directs the publicity reporting business and accounting line of work with respect to business audits and reporting ( R Thompson & K Venkataraman , 2004 ). The members of
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