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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: November 23, 2019

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesSarbanes-Oxley (SOX) Certification

  1. Sarbanes Oxley (SOX) Overview
  2. SOX: Authoritative Bodies
  3. Sarbanes-Oxley (SOX) Standards - Evolution
  4. Information Technology General Controls Primer
  5. COSO 2013 Overview
  6. Sarbanes-Oxley (SOX) Section 404
  7. Sarbanes-Oxley Section 302: ICFR
  8. Sarbanes-Oxley (SOX) And Fraud Sections
  9. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 1
  10. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
  11. Sarbanes-Oxley (SOX) - Entity Level Controls
  12. Sarbanes-Oxley (SOX) Identifying and Documenting Controls
  13. Sarbanes-Oxley (SOX) Testing
  14. Sarbanes-Oxley (SOX) - Information Technology Controls
  15. Sarbanes-Oxley (SOX) - Assessing Material Impact
  16. XBRL - Connection to SOX 302/404 and Critical Roles
  17. Tools For Sarbanes-Oxley Compliance

18 Reviews (53 ratings)Reviews

4
Anonymous Author
Good background into the SEC and PCAOB and their role and responisbilities.
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.
5
Member's Profile
Great overview and references. Understanding the history of the PCAOB and the evolution of the organization is extremely helpful in understanding more detailed areas of SOX (and your external auditors).
4
Anonymous Author
The course was helpful. However, I was just confused with the Auditing Standards, since there was a change during the year 2017.
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
Anonymous Author
The course provides a lot of history and information on SEC and PCAOB. I personally believe the course can be more concise.
4
Anonymous Author
This course gave good understanding of the origin of the legislation and authoritative bodies related to Sarbanes-Oxley.
4
Member's Profile
Good description of the PCAOB and the SEC. Alot of info, appreciate the slides that can be used for review.
4
Member's Profile
Course is informative, looks out of date from a presentation perspective when compared to other LMS
5
Member's Profile
This course was excellent and provided very useful information which I will utilize in the future.
5
Member's Profile
Great learning. It was great time to long through the bodies and their responsabilities
5
Anonymous Author
This is a useful overview of the SEC and PCAOB history and activity to date.
5
Anonymous Author
There wasn't much information in regards to differences between AS2 and AS5.
4
Anonymous Author
Provide a good insight into the responsibilities of the SEC and PCAOB
5
Member's Profile
another challenging yet informative test! I really learned a lot!
5
Member's Profile
I have now understood the relationship between PCAOB and the SEC.
4
Anonymous Author
This course provided a lot of interesting information.
3
Anonymous Author
A lot of interesting information.
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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 Overview CPE
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
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