Suchergebnisse

The Sarbanes‐Oxley Act of 2002, enacted in the wake of the Enron and WorldCom scandals, is the most significant securities legislation since the 1930s. Title I of the Act creates a quasi‐public entity, the Public Company Accounting Oversight Board (PCAOB), and vests it with sovereign regualtory power, subject to oversight by the Securities and Exchange Commission, over the auditors of public companies. This article describes PCAOB's unique architecture, including independence from the profession it regulates, financing, and organizational structure. In doing so, it raises important policy issues of public administration, public finance, and public budgeting.