Public Company Accounting Oversight Board

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  • Public Company Accounting Oversight Board

    The Public Company Accounting Oversight Board (“PCAOB”) was established by congress in 2002 to oversee auditors of public companies. The law stipulates that the PCAOB inspect auditor firms’ performances and their quality control systems regularly to make sure they follow the standards that the PCAOB set up. For the auditors of public companies, the PCAOB implements a risk-based approach to assess audit engagements. The inspection uses high-risk samples to evaluate an auditing firm instead of random samples. There are some criticisms about this risk-based approach. For example, this method may not represent a firm’s average audit quality since it focusses on some difficult audits (Church and Shefchik, 2012). However, I think it is fair from…

    Words: 724 - Pages: 3
  • US Public Company Accounting Oversight Board (PCAOB)

    1. Introduction The auditor 's report is one of the crucial means by which the auditor provides a judgement and acceptable assurance on the financial statement to investors and other users of financial statements, which has not changed much since the 1940s. To correspond to the size and complexity of markets that have greatly increased in the past seventy years, and to attract a greater percentage of households to invest in the stock market, a new auditing standard and related amendments to…

    Words: 1424 - Pages: 6
  • The Generally Accepted Auditing Standards

    200). The members of the American Institute of Certified Public Accountants represent industry and business, consulting, education, government and public practice. The role of the institute is to test the ethical principles of the profession as well as the United States auditing principles for nonprofit organizations, private companies, local governments, federal and states. The institute also grades and develops the uniform Certified Public Accounts examinations and gives specialty credentials…

    Words: 1062 - Pages: 4
  • The Sarbanes-Oxley Act Analysis

    In 2002, the Sarbanes-Oxley (SOX) Act was passed by congress and signed into law by President George W. Bush. SOX was written as a response to several major accounting scandals that occurred at large companies (including Enron, WorldCom, and Tyco) in the early 2000’s. These scandals forced capital providers and the general public to question the judgement of public accounting firms as well as at the overall reliability of the financial reporting and audit process. The requirements included in…

    Words: 727 - Pages: 3
  • What Is Lfg Corporate Social Responsibility

    responsibility involves a company including concepts that concern cultural, social and environmental issues in their business transactions, operations and how they interact with stakeholders. If one were looking to review both concepts, one would simply read a company’s corporate mission and value statement. Lincoln Financial Group (LFG) is a company that proudly boasts their core values for review by shareholders and stakeholders alike. This paper will provide an in-depth review of both…

    Words: 1349 - Pages: 5
  • The AICPA Relationship In Auditing The Auditing Standards For Public Accounting

    Certified Public Accountants (AICPA) is the world’s largest representation of certified public accountants (CPAs). Established in 1887, the AIPCA serves as an advocate for CPAs, CGMAs, and has a mission of powering the success of global business, CPAs, and CGMAs through the use of education, resources, and advocacy (AICPA, 2016). The AICPA supports FASB by providing technical support, standard setting, and guidelines to CPAs nationwide. Because accounting is complex in nature this governing body…

    Words: 924 - Pages: 4
  • Waffle House Case

    associates and employees of the company. Waffle House stock is not open to the public and most stock is purchased by employees or given to employees based on promotion. The company website says that Waffle House stock has increased in the past 60 years and the generation of stock is solely based on the performance of restaurants. According to privco.com, Waffle House has a 4% Annual Revenue growth rate per year. The company also has a 4.3% Employee Growth Rate. The 3 year average for S & P 500…

    Words: 732 - Pages: 3
  • Why Is Goldman Sachs So Successful?

    There are companies such as J.P. Morgan Chase, Wells Fargo, Bank of America, and other multi-billion dollar financial institutions. Goldman Sachs sets themselves apart by not just providing financial management, but by also providing financial advising as well as innovation in the inventing sector of financial technology. The rate of advancement and the post-modern culture at Goldman Sachs will give them an edge over the mainstream financial institutions that have been doing the same things…

    Words: 701 - Pages: 3
  • Financial Fraud

    According to the textbook, Intermediate Accounting by Spiceland chapter one, it said “Audits add credibility to the financial statements, increasing the confidence of those who rely on the information” (page. 16, 2016). After the frauds scandal of WorldCom and other companies, the investors lost their confidence in the accounting department (page.16, 2016). To increase the investors’ confidence one again, Congress created the Sarbanes-Oxley Act of 2002 to prevent future frauds from happening…

    Words: 863 - Pages: 4
  • The Importance Of The Sarbanes-Oxley Act

    Maintaining the integrity of these accounts is very important. Many companies today suffer a lot of loss from disgruntled employees, customers and competition with other companies. A number of companies have had to file bankruptcy with employees, investors and consumers suffering the most from the egregious and fraudulent activities. The effects of these companies’ mismanagement has been so troubling that congress passed legislation in 2002, called the Sarbanes-Oxley Act of 2002 (SOX); which…

    Words: 773 - Pages: 4
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