Under certain circumstances (a "Form 3 Event"), a special report must be filed. Under Sarbanes-Oxley, any accounting firm, including those not based in the U.S., that prepares, issues, or participates in audit reports of issuers or broker-dealers must file an annual report with the PCAOB and pay an annual fee to the board. With the passage of the Dodd-Frank Act in 2010, the PCAOB assumed additional oversight of the audits of broker-dealers to include inspections, enforcement and standard setting authority.Īs of August 2013, the PCAOB has issued numerous rulemakings, reports, and ten staff audit practice alerts. public companies and from participating in such audits. Section 102 of Sarbanes-Oxley prohibits accounting firms that are not registered with the board from preparing or issuing audit reports on U.S.
The Act also requires that all members of the board serve on a full-time basis. The Act requires that two of the five PCAOB board members be or have been certified public accountants. Section 101 of the Sarbanes-Oxley Act of 2002 describes the establishment, duties, and powers of the Public Company Accounting Oversight Board. 3 Proposed New Auditing Standard, August 2013.
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