Some people have said that auditing is no longer self-regulated because of the Sarbanes Oxley mandated registration

Question:

Some people have said that auditing is no longer self-regulated because of the Sarbanes Oxley mandated registration and inspection process of the PCAOB, and because the PCAOB now sets auditing standards. Does this loss of some of its self regulation diminish the profession, or does it just increase public confidence? Why?