What is the mission of the Public Company Accounting Oversight Board (PCAOB)?
The stated mission of the PCAOB is “to oversee the auditors of public companies in order to protect the interests of investors and further public interest in the preparation of informative, fair, and independent audit reports.” In order to carry out its mission, the Sarbanes-Oxley Act vests the PCAOB with certain powers such as setting auditing and quality control standards for the preparation of an issuer’s audit reports, conducting inspection of registered public accounting firms, and conducting disciplinary proceedings and imposing fines related to the conduct of registered accounting firms and their employees.
