ACC 521 Chapter Notes - Chapter 2: Public Company Accounting Oversight Board, Financial Audit, Certified Public Accountant

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Self-regulations: situation where a professional group is given the power to monitor and discipline its members by the government. Public company accounting oversight board (pcaob): 5 member boards created through the sarbanes- Oxley act (sox) to oversee the auditors of public companies in the us. Increased oversight of auditors, including audit standards setting by pcaob. Canadian public accountability board (cpab): the board organized to monitor the auditors of public companies in canada. American institute of certified public accountants (aicpa): the professional organization of independent external auditors in the us: acipa still sets audit standards for nonpublic companies whose shares are not traded on the stock markets. Increased importance of the role of the internal auditor. Internal control: the system of policies and procedures needed to maintain adherence to the company"s objectives; especially the accuracy of recordkeeping and safeguarding of assets. Securities and exchange commission (sec): main us government agency regulating then securities markets in the us.

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