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The Public Company Accounting Oversight Board (PCAOB) was created by the Congress when the SOX of 2002 was passed. The PCAOB assumed the auditing standard

The Public Company Accounting Oversight Board (PCAOB) was created by the Congress when the SOX of 2002 was passed. The PCAOB assumed the auditing standard responsibilities that had been formally tasked to the American Institute of Certified Public Accountants (AICPA).

  • In your opinion, has the PCAOB been more successful than the AICPA in addressing fraud in auditing standards?
  • Do you think the PCAOB has done a better job than the AICPA in completing the basic functions and reaping the benefits of auditing, including the role of materiality in selecting audit tests and processes? Give reasons.
  • Do you think the PCAOB has clarified and enhanced the effectiveness of auditors' responsibilities to prevent and detect fraud changed under the PCAOB versus the AICPA?

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