ABSTRACT In 2002 the federal government altered the landscape of the accounting profession by creating, for the first time, a federal regulatory agency for this profession: the Public Company Accounting Oversight Board (PCAOB). Congress responded to the massive corporate failures of Enron, Tyco and others by enacting the Sarbanes-Oxley Act (SOA), to improve corporate governance and the reliability of financial information. Sarbanes-Oxley created the PCAOB to oversee the work of public accountants, the creators of corporate financial information.
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