What Is the Public Company Accounting Oversight Board?

The United States Securities and Exchange Commission (SEC) is required to set up a listed company's Accounting Oversight Committee (PCAOB), and the original supervision function of the CICP industry performed by AICPA is handed over to the PCAOB with more public functions. The PCAOB is composed of five people and is directly under the jurisdiction of the SEC, but not its internal employees. In order to eliminate the impact of the CPA firm, the commission s operating expenses are no longer borne by the accounting firm, but are instead shared by the listed company; The SEC authorized the commission to formulate auditing standards, Right of daily supervision, investigation and punishment; check and handle differences in accounting treatment between listed companies and accountants.

US Public Company Accounting Inspection Board

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The United States Securities and Exchange Commission (SEC) is required to set up a listed company's Accounting Oversight Committee (PCAOB), and the original supervision function of the CICP industry performed by AICPA is handed over to the PCAOB with more public functions. The PCAOB is composed of five people and is directly under the jurisdiction of the SEC, but not its internal employees. In order to eliminate the impact of the CPA firm, the commission s operating expenses are no longer borne by the accounting firm, but are instead shared by the listed company; The SEC authorized the commission to formulate auditing standards, Right of daily supervision, investigation and punishment; check and handle differences in accounting treatment between listed companies and accountants.

The establishment and duties of the PCAOB:

The US SOX Act states: