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Prior to the Sarbanes-Oxley Act of 2002 (SOX), public accounting firms were unregulated. Their activities were monitored by the American Institute of Certified Public Accountants (AICPA). With the passing of the Act, Congress established the Public Company Accounting Oversight Board (PCAOB).  The Board is tasked with the oversight of the public accounting firms for issuer companies and ensuring that SOX legislation is appropriately applied.

Understanding the origin of legislation and authoritative bodies along with their powers is important to complying with the Act. Both the PCAOB and the Securities and Exchange Commission (SEC) are important organizations related to Sarbanes-Oxley and their history, powers of authority, and ability to assess sanctions and fines is something that organizations should be integrally familiar with.  This course provides a detailed outline of the roles and responsibilities of those organizations as well as related background information.  

 

Learning Objectives

  • Explore the Authoritative body background
  • Explore the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) relationship
  • Explore PCAOB History
  • Recognize PCAOB responsibilities and authorities
  • Explore the timeline of PCAOB Actions
  • Recognize the penalties for SOX non-compliance
Last updated/reviewed: September 18, 2018

Included In Certifications

This course is included in the following Expert Certifications:

16 CoursesSarbanes-Oxley (SOX) Certification

  1. Sarbanes Oxley (SOX) Overview
  2. SOX: Authoritative Bodies
  3. The Evolution of Sarbanes-Oxley (SOX) Auditing Standards
  4. Information Technology in Today’s Digital World: General Controls Primer
  5. COSO 2013 Framework Requirements and Implementation Overview
  6. Sarbanes-Oxley (SOX) Section 404
  7. Sarbanes-Oxley (SOX) Section 302: Internal Controls over Financial Reporting
  8. Sarbanes-Oxley (SOX) Section 806, 902, 906
  9. Sarbanes-Oxley (SOX): Preparing for a Top Down Risk Assessment Part 1
  10. Sarbanes-Oxley (SOX): Executing a Top Down Risk Assessment Part 2
  11. Sarbanes Oxley (SOX): Entity Level and Soft Controls
  12. Sarbanes-Oxley (SOX) Identifying and Documenting Controls
  13. Sarbanes-Oxley (SOX) Testing
  14. Sarbanes-Oxley (SOX) General Controls, Applications Controls, and Spreadsheet Controls
  15. Sarbanes-Oxley (SOX) Difficulty of Assessing Material Impact
  16. XBRL - Connection to SOX 302/404 and Critical Roles

6 Reviews (18 ratings)Reviews

3
Member's Profile
The course was filled with a lot of useful information. It was easy to follow but there were some parts that I feel should have had more information. There was final exam questions that weren't fully touched upon in the material.
4
Member's Profile
Very well presentation explaining the history of the SEC & PCAOB, what each is responsible for, and the powers that they have.
4
Member's Profile
Good description of the PCAOB and the SEC. Alot of info, appreciate the slides that can be used for review.
5
Anonymous Author
This is a useful overview of the SEC and PCAOB history and activity to date.
4
Anonymous Author
This course provided a lot of interesting information.
3
Anonymous Author
A lot of interesting information.

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
  3:18Introduction to SOX: Authoritative Bodies
PCAOB
  11:11Background
  14:12PCAOB Mission and Vision
  13:54PCAOB Standards and Issuance
  12:44Penalties
  9:35PCAOB Reports
CONCLUSION
  11:152015 PCAOB Report and Conclusion
Continuous Play
  1:16:12Authoritative Bodies
SUPPORTING MATERIALS
  PDFSlides: Authoritative Bodies
  PDFAuthoritative Bodies Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM