PCAOB (A) Harvard Case Solution & Analysis

Members of the Public Co. Accounting Oversight Board - the private sector, non-profit agency created by Sarbanes-Oxley Act of 2002 - should determine the form and content of the new standard audit of internal control, which will fulfill the requirements of section 404 of the Act. After receiving comments from issuers, investors and accounting firms, board members contemplate the necessary amount of audit to assess the effectiveness of the internal control system and restore investor confidence in the financial statements. Gives students the opportunity to examine the role of external regulation and self-regulation, and issues such as the difficulty of the costs and benefits of the proposed regulation, the relationship between rules and discretion, the difference between an investor and executive perspectives and responsibilities among management, internal auditors and external auditors. "Hide
by Lynn Sharp Paine, Kim Eric Bettcher Source: Harvard Business School 15 pages. Publication Date: February 11, 2005. Prod. #: 305025-PDF-ENG

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