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Unformatted text preview: Nikeya Elmore AC 555 Week 1Assignment Chapter 2 2-7 The Public Company Accounting Oversight Board (PCAOB) provides oversight for auditors of public companies, they establish auditing and quality control standards for public company audits and performs inspections of the quality controls at audit firms performing those audits. The PCAOB is appointed and overseen by the SEC and was established by the Sarbanes- Oxley Act. Auditing standards for private audit companies are established by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants. They are similar to the ISAs general accepting auditing standards. Before the Sarbanes-Oxley Act the ASB established auditing standards for private and public companies. 2-10 The criticism states that the guidelines do not give good rules. I think that the critic have a good reason because the guidelines just give something to go by. It doesnt tell what should and shouldnt be done if something doesnt follow the guideline. shouldnt be done if something doesnt follow the guideline....
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- Spring '10