Question

Which of the following is a duty of the Public Company Accounting Oversight Board?

1) Registering accounting firms that audit pubLiCly traded companies
2) Establishing or adopting standards relating to audits of pubLiCly traded companies
3) Enforcing compliance with professional standards and securities laws relating to public company audits
4) All of the above

Answer 1

The Public Company Accounting Oversight Board (PCAOB) is responsible for registering accounting firms, establishing standards for audits, and enforcing compliance with professional standards and securities laws for public company audits.

Step-by-step explanation:

The duty of the Public Company Accounting Oversight Board (PCAOB) is all of the above. The PCAOB is a nonprofit corporation established by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.

This includes registering accounting firms that audit publicly traded companies, establishing or adopting standards relating to audits of publicly traded companies, and enforcing compliance with professional standards and securities laws relating to public company audits.