Assessment: PCAOB Enforcement Under Sarbanes-Oxley

Law360, New York (January 24, 2012, 2:10 PM EST) -- The establishment of the Public Company Accounting Oversight Board was a key element of the Sarbanes-Oxley Act of 2002. In addition to authorizing the PCAOB to inspect and set professional standards for public accounting firms, Sarbanes-Oxley conferred broad discretion on the board to investigate and discipline firms and their "associated persons" for violations of the federal securities laws governing the preparation and issuance of audit reports, as well as other professional standards. Sarbanes-Oxley did so, however, without curtailing the existing enforcement authority of the U.S. Securities and Exchange Commission over public company auditors....

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