Question

which organization issues auditing standards, carries out inspections of public accounting firms auditing us public clients, and imposes sanctions

Answer 1

The Public Company Accounting Oversight Board (PCAOB) issues auditing standards, carries out inspections of public accounting firms auditing public clients, and imposes sanctions.

What are sanctions?

• Economic sanctions are financial and commercial penalties imposed by one or more nations against a particular self-governing state, group, or person.
• Economic sanctions may be used for a number of political, military, and social reasons in addition to difficult economic conditions.

What is The Public Company Accounting Oversight Board (PCAOB)?

• The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board (PCAOB), a nonprofit organization, to supervise the audits of public companies and other issuers in order to safeguard investor interests and advance the public interest in the creation of informative, accurate, and independent audit reports.
• In order to protect investors, the PCAOB also controls the audits of broker-dealers, including compliance reports submitted in accordance with federal securities laws.
• The U.S. Securities and Exchange Commission must approve all PCAOB regulations and standards (SEC).

Therefore, the Public Company Accounting Oversight Board (PCAOB) issues auditing standards, carries out inspections of public accounting firms auditing public clients, and imposes sanctions.

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