Summary LAW 531 Do you think that the creation and work of the Publi
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Write a paper of not more than 1,050 words in which you answer the following questions:LAW 531 Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies?•If auditing of financial statem...
050 words in which you answer the following questionslaw 531 do you think that the creation and work of the public company accounting oversight board pcaob has resu
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Write a paper of not more than 1,050 words in which you answer the following
questions:
LAW 531 Do you think that the creation and work of the Public Company
Accounting Oversight Board (PCAOB) has resulted in greater independence of
auditors of public companies?
•If auditing of financial statements is required primarily for the protection of public
investors, should not all PCAOB members be taken from the investment
community that uses audited financial statements?
•What regulatory compliance requirements apply to various business situations?
Cite at least 5 peer-reviewed references.
Format your paper consistent with APA guidelines.
ANSWER:
Regulatory and Compliance Issues Paper
LAW 531
The Public Company Accounting Oversight Board (PCAOB) was created by
Congress with the purpose of protecting the interests of investors. The PCAOB has four
primary functions in overseeing these auditors: registration, inspection, standard setting
and enforcement (Abernathy, Barnes, & Stefaniak, 2013). According to “Public Company
Accounting Oversight Board” (2015), the Sarbanes-Oxley Act of 2002, which created the
PCAOB, required that auditors of U.S. public companies be subject to external and
independent oversight for the first time in history. The PCAOB have written standards,
which includes a section on the rules and interpretations of independence (ET Section
101, Rule 101, Public Company Accounting Oversight Board, 2015). The creation and
work of the Public Company Accounting Oversight Board has resulted in greater
independence of auditors of public companies with the exception of self-review.
The first need for independence is for clients, where independence permits auditors to
remain objective and unbiased in their clients’ audits; second, the need for competence,
where competence allows auditors to conduct their audits effectively and efficiently
(Kang, Farag, Hurt & Wyrick, 2014). According to “Public Company Accounting
Oversight Board” (2015), the auditor cannot be placed in the position of auditing his or
her own work (or the work of someone else in his or her firm). This effects the
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