It is a non-profit organization created by the SOX. It oversees the audits of the public companies and the Securities Exchange Commission (SEC) registered brokers and dealers. Following are the functions of the PCAOB:
Registration of public accounting firms whose job is the preparation of audit reports for issuers, brokers, and dealers;
Inspection of the registered firms’ quality control systems and audits;
Establishing and adopting auditing standards, standards relating to ethics, control, and independence;
Investigate the registered public accounting firms for violations relating to specific laws, rules, and professional standards.
Conducting economic research and risk analysis;
Engaging with shareholders;
Co-ordinating with domestic and international regulators
The SEC supervises the work of PCAOB. The SOX mandates the PCAOB to submit a yearly Statement of financial statements to the SEC.
Following are some of the features of the SOX:
It states that the auditee committee should be established, and it must be independent as well;
The CEO and the CFO of all public companies must verify that the accounts are fairly accurate;
Certain types of companies must establish internal control mechanisms;
It forms the Public Company Accounting Oversight Board (PCAOB).
The act provides heavy penalties.
Following are some of the major provisions of the act:
Section 302: The section states that the company’s senior officers must verify in writing that the company’s financial statements adhere to the SEC disclosure requirements and present a fair picture of the company’s condition. Section 404: The section mandates that the management establish certain internal controls and proper reporting mechanisms to ensure the adequacy of the controls. The term ‘Internal control’ refers to the company’s methods to detect any fraud or negligence in the company. It is different than an external auditor. The external auditor is an outsider to the company, whereas the person who checks the internal control is the company’s employee. Section 802: Section 802 deals with the three rules of recordkeeping:
Destruction or falsification of records of the company;
The minimum period of keeping and retaining the records of the company;
What records are to be kept by the company.
Section 802 also contains a penalty for breaching any rule. It levies penalties upto 20 years imprisonment. The punishment is for fluctuating, abolishing, damaging, concealment, or fabricating records and documents. In addition, anyone falsifying with tangible objects with the intent to block, obstruct or stimulate a legal investigation also comes under the act’s provisions.
The section also imposes heavy penalties, which may go up to 10 years on an accountant or auditor who knowingly violates the requirements of a proper audit.
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