Regulatory and Compliance Issues Paper
Maurice N. Wells
LAW/531
September 5, 2016
Mr. Craige Harrison
Regulatory and Compliance Issues Paper
Introduction
The scenario of Ethics in Action from our reading regarding how to determine the creation of PCAOB which is Public Company Accounting Oversight Board is showing an increase of independent use of auditors in the public sectors. The second part of this will be to decide if the availability of these independent auditors are being utilized, or should the individuals of these groups be comprised of members though who can be directly affected by the results of these audits. This would mean to have these audits performed by those who also have audited financial statements.
The last section for this scenario and discussion we will overview will be if there are specific compliance requirements that only apply to specific businesses and if the adherence to this should be determined on a case by case situation. (Getz, 2015).
Public Company Accounting Oversight Board Defined
What is the PCAOB or the Public Company Accounting Oversight Board by definition of the PCABOBS.org website. “the Public Company Accounting Oversight Board is a nonprofit Corporation established by Congress to protect investors and the public interest by promoting informative, accurate and independent audit reports and to oversee the auditing of public companies and broker-dealers." (an, 2016).
The PCAOB began from the “Sarbanes- Oxley Act of 2002 which required auditors of public enterprises to be subject to external and independent oversight from being those who were previously self-regulated on these matters”. (Combustor). The meant that public companies must also adhere to the same types of compliance and regulations that all privately own sectors have had to comply with on rules and regulations of any respect for the standards of accounting and audit rules. This would allow for all businesses to have to report...