# Public Company Accounting Oversight Board, PCAOB

- Canonical URL: https://www.gerhardmerk.de/public-company-accounting-oversight-board-pcaob
- Post ID: 593403
- Modified: 2023-07-25T21:12:32+00:00
- Language: en

## Definition

An authority established in the USA as part of the Sarbanes-Oxley Act of 2002 and attached to the Securities and Exchange Commission (SEC), which is responsible for the unqualified audit of the annual financial statements of listed stock corporations. These companies are required to correct (refile) any disputed items. - The reason for this was the fact that the share price of many companies had been driven up by embellished balance sheets. The downfall of these companies - such as Enron in 2001 and WorldCom in 2002 - had an unfavorable impact on the collateral provided by banks and insurance companies due to the now inadequate backing. - The regulations issued by the Authority also apply to foreign companies whose shares are admitted to trading on stock exchanges in the United States. The Authority also oversees the accounting profession. A corresponding authority for Germany or Europe has not yet been planned. - See Anderson scandal, incorrect disclosures, investor protection, supervisory authorities, supervisory commission, accounting scandal, corporate governance, IFRS dialects, procyclicality, loss camouflage, straitjacking. - Cf. ECB Monthly Bulletin of May 2005, pp. 93 et seqq., ECB Monthly Bulletin of May 2005, p. 103. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

## Machine-readable

- Generator: Merk Knowledge 1.1.1