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Role and Function of Pcaob

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Role and function of the PCAOB and AS 5 and AS 11
Ramecha Davis
This paper is submitted in partial fulfillment of the requirements for
Auditing BUS5423 Section 70
Texas Woman’s University
Dr. John Nugent
April 20, 2015

Abstract The purpose of this research paper is to provide an in depth review of the Public Company Accounting Oversight Board (PCAOB) and how it contributes to the interest of the Sarbanes Oxley Act of 2002. The research highlights the importance of the PCAOB’s role in the accounting profession as well as prospective changes that may evolve in the future related to PCAOB. Upon reading this research the reader will be familiar with PCAOB’s roles and functions, as well as auditing standards (AS) released such as AS5 and AS11. The PCAOB’s significance in the protection of investors is revealed as well.
Keywords: SEC, PCAOB, SOX, AS 5, AS 11, Internal Control, Materiality

Table of Contents
Introduction……………………………………………………………………………………………….5
PCAOB…………….……………………………………..……………………………….……….……5-6
a) The PCAOB Mission, Vision, & Core Values………………………………….………........6-7 b) Current Standards…………………………………………………………….…..............…7-8 c) Future Standard Plans…………………………………………………………………….…8-9
Sarbanes Oxley Act of 2002 Section 404……………………………………………………………...….9 a) Auditing Standard 5…………………………………………………………………….….9-10 b) Auditing Standard 11……………………………………………………………………..10-12 c) Communication Requirements.................................................................................................13
Conclusion...................................................................................................................................................13
References…………………………………………………………………...………………………...21-22

List of Tables
Table 1- History of PCAOB………………………………………………………………………..14-20

Introduction There once...

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