Question

WHAT IS PCAOB AND DESDCRIBE ITS DUTIES TO THE AGENCY WHAT IS THE MAIN DIFFERENCE FOR AN INDEPENDENT AUDITORS REPORT OF A PUBLIC CORPVS A NON PUBLIC CORP WHAT HAPPENDS IF YOU ARE ON AUDIT STAFF AND GET A JOB OFFERING HOW DID THE BUG 4 FIRMS DEAL WITH SARBANES OCLY ACT IN REFERNCE TO THEIR CONSULTING SERVICE

Answer 1

ANSWER:

1) PCAOB and it's duties to agency:

Public Company Accounting Oversight Board (PCAOB) is responsible for setting of the auditing standards for audits of publicly-traded companies in the United States. The primary target of PCAOB is to protect the interests of investors by improving the reliability and accuracy of corporate disclosures. It protects public interest in the preparation of accurate, informative, and independent audit reports.

PCAOB focus to enhance the objectivity, independence and professional skepticism of the auditor; firm transparency and accountability; audit quality; how to ensure that the auditor's reporting model more informative to investors; the lessons learned from the financial crisis; company's structure and governance; monitoring the global company networks; the role, value and relevancy of the audit; going concern and related international initiatives; and indicators of audit quality.

To summarize, the PCAOB's duties to agency include the following:

registering public accounting agencies;

establishing auditing, independence, quality control, ethics, and other standards relating to public company audits agencies;

conducting investigations, inspections, and disciplinary proceedings of registered accounting agencies; and

ensuring the compliance with Sarbanes-Oxley.