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United Way

In: Business and Management

Submitted By hidarawad
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1. Justify how the reporting requirements of the PCAOB reduce the chance of financial fraud. Basically, the goal of the Public Company Accounting Oversight Board is to improve quality of audited financial statements, reduce the risk of auditing failures, and increase public trust in financial reporting processes and of the auditing profession. In order for this to happen PCAOB must refocus and remind auditors of the standards required of them regarding fraud and for them to be diligent about their responsibilities relating to fraud. The purpose of auditing a financial statement is to detect material misstatements and false or missing information caused by fraud.
The PCAOB reporting requirements place a lot of emphasis on disclosure in financial reporting however the board provides guidance and information that are relevant which should be disclosed within the financial statements. PCAOB also dictates to management and to the auditor their roles and responsibilities in financial reporting. PCAOB requires these standards and duties to be followed reinforces the accounting professionals to be able to reduce fraud in financial reporting at the same time ensuring investors receive accurate financial information. According to Rischall, PCAOB has established auditing, quality control, ethics, and independence standards to be used by registered public accounting firms in the preparation of audited financial statements for publicly traded companies, as required by the Sarbanes-Oxley Act of 2002 and the rules of the Securities and Exchange Commission (SEC).
According to SEC, Section 404 of the Sarbanes Oxley Act requires the management to assess and report on internal controls of its company during financial reporting and also the auditor is required to assess the effectiveness of those internal controls. This will lead to an increase in internal controls and this

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