Public Company Accounting Oversight Board (PCAOB)

Definition:

A nonprofit corporation established by the US Congress to oversee the audits of public companies to provide investor protection and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of Broker-Dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. When US Congress created the PCAOB, it gave the SEC the authority to oversee the PCAOB’s operations, to appoint or remove members, to approve the PCAOB’s budget and rules, and to entertain appeals of PCAOB inspection reports and disciplinary actions.

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