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
Included In Certifications
This course is included in the following Expert Certifications:
16 CoursesSarbanes-Oxley (SOX) Certification
- Sarbanes Oxley (SOX) Overview
- SOX: Authoritative Bodies
- The Evolution of Sarbanes-Oxley (SOX) Auditing Standards
- Information Technology in Today’s Digital World: General Controls Primer
- COSO 2013 Framework Requirements and Implementation Overview
- Sarbanes-Oxley (SOX) Section 404
- Sarbanes-Oxley (SOX) Section 302: Internal Controls over Financial Reporting
- Sarbanes-Oxley (SOX) Section 806, 902, 906
- Sarbanes-Oxley (SOX): Preparing for a Top Down Risk Assessment Part 1
- Sarbanes-Oxley (SOX): Executing a Top Down Risk Assessment Part 2
- Sarbanes Oxley (SOX): Entity Level and Soft Controls
- Sarbanes-Oxley (SOX) Identifying and Documenting Controls
- Sarbanes-Oxley (SOX) Testing
- Sarbanes-Oxley (SOX) General Controls, Applications Controls, and Spreadsheet Controls
- Sarbanes-Oxley (SOX) Difficulty of Assessing Material Impact
- XBRL - Connection to SOX 302/404 and Critical Roles
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.