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The big 4 accounting firms in the US have been rebuked by the new regulatory body. However the slap on the wrist was very mild.

The Public Company Accounting Oversight Board (PCAOB) found in initial investigations "significant audit and accounting issues" in audits by all 4 companies. However the PCAOB retained confidence in the companies, even though it had found quality control problems at each firm.

Instead the PCAOB chose to highlight the more rigourous inspection regime in having picked up the problems. Thus deflecting the gaze away from the firms audit processes.

The PCAOB was founded in the wake of the Enron and WorldCom scandals. Sarbanes-Oxley is the legislation which is most closely connected with the PCAOB.

Large tracts of the report have not been made public. Congress decreed that public disclosure of inspections should only start after one year of inspections. Thus giving the audit companies time to clear their act up.

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Similar Areas

Risk Management Items

Sarbanes-Oxley Items

Finance Items

Accounting Items

Regulation Items

Selected Books
Sarbanes-Oxley and the New Internal Auditing Rules

How to Comply with Sarbanes-Oxley Section 404

Modern Auditing

Wiley CPA Examination Review 2004, Auditing and Attestation

Selected Tools
LiveAudit

ApexSQL Audit

Keywords

Sarbanes-Oxley

Sarbanes-Oxley Act

audit

auditing

PCAOB

Public Company Accounting Oversight Board

accounting

Big 4

public disclosure