Previously auditors and accountants were allowed to establish their own procedural guidelines e.g., generally accepted auditing standards in the United States were established by the AICPA. However, the Sarbanes-Oxley Act of 2002 (SOX) regulated the auditing profession for U.S. public registrants by stripping the profession of its ability to self-regulate and self-assess its quality control. Accordingly, the Public Company Accounting Oversight Board (PCAOB) has now been assigned the authority to regulate external audit practices for U.S. registered public companies. Based on these events, what are some international implications to the accounting or auditing profession?