10 years ago the Enron scam prompted the Sarbanes Oxley Act with measures to improve governance standards in corporate America and so was born the Public Company Accounting Oversight Board. PCAOB oversees the audits of public companies, has 2363 accounting firms registered with it, a staff of 766 and a budget of 245 million dollars.
The Public Company Accounting Oversight Board or the PCAOB did 2 things this month to improve communication between board audit committees and their audit firms.
From Lehman to Olympus, from mortgage bonds to sovereign debt - the global audit business is in the eye of a storm.