Sarbanes-Oxley and Corporate Governance Paper •If auditing of financial statements is required for the protection of public investors,
should not all PCAOB members be taken from the investment community that uses audited
financial statements? Why or why not?
The PCAOB is a nonprofit corporation that was established by Congress to oversee
audits of public companies in order to protect the public interest and investors by promoting
accurate, informative, and independent audit reports. The PCAOB also oversees the audits of
brokers and dealers, including compliance reports filed pursuant to federal securities laws, to
promote investor protection.
The PCAOB has authority to investigate and discipline registered public accounting firms
and persons associated with those firms for noncompliance with the Sarbanes-Oxley Act of 2002,
the rules of the PCAOB and the Securities and Exchange Commission, and other laws, rules, and
professional standards governing the audits of public companies, brokers, and dealers. When
violations are found, the PCAOB can impose appropriate sanctions. As required by the Sarbanes
Oxley Act, the Board’s investigations are confidential and nonpublic. The Sarbanes-Oxley Act
also provides that disciplinary proceedings are nonpublic unless and until a Board-imposed
sanction takes effect, which, in contested cases, does not occur until a respondent has had an
opportunity to obtain SEC review. A member will and can be removed if he or she:
“(A) has willfully violated any provision of the Act, the rules of the Board, or the
(B) Has willfully abused the authority of that member.
(C) Without reasonable justification or excuse, has failed to enforce compliance with any
such provision or rule, or any professional standard by any registered public
accounting firm or any associated person thereof.”It can go both ways because it can be in favor of the company or against the company. If
a PCAOB member is in the investment community, the member may be an asset because they
have a better idea of how the report should be drafted and how it should look. Members are held
at high standards to ensure that reporting to the public is as accurate as it should be basically to
have all the I’s dotted and t’s crossed. A member can be a bad asset to the company if the person
is only looking out for himself or herself and neglecting their duties by not upholding the law.
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