Nswer to questions about Public Company Accounting Oversight Board (PCAOB)
I prefer a CPA or a Accounting professor should answer these questions for me.
Just answer these questions:
1/ What is the main rationale that led Congress to develop the PCAOB (Public Company Accounting Oversight Board) as the public company audit standard setter? For example, What do you think Congress did not suggest ways to overhaul the Auditing Standards Board of the AICPA?
2/ Identify the resposibilities of the PCAOB. How does the inspection process performed by the PCAOB affect the practice of public accounting?
3/ The PCAOB can have no more than two CPAs among its five members. What might be the rationale for such a requirement? What are the advantages and disadvantages of the limitation of CPA members on the Board?
4/ Do the audit standards set by the PCAOB apply to audits of non-public companies? Explain.