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Pcaobs duties pcaobs write audit standards

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Unformatted text preview: mpanies. PCAOB’s Duties PCAOB’s Write audit standards, temporarily they have Write adopted the AICPA’s (American Institute of Certified Public Accountants) Certified Register public CPA firms to do audits Set Quality Control standards for audits Do peer reviews of CPA firms – at least Do every three years every Investigate and discipline Investigate CPE (Continuing Professional Education) CPE Review company disclosures and financial Review statements at least every three years statements The Act also covers issues such as – auditor independence – limit conflicts of interest, interest, – corporate responsibility – senior executives take individual responsibility for accuracy and completeness, – internal control assessment, and – enhanced financial disclosure – timely reporting of material changes of Five Members, three of whom must NOT be Five CPAs CPAs If the chair is a CPA, that person must be If out of the business of auditing for the prior 5 years years Provisions for CPA firms Provisions Maintain audit papers for 7 years M...
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