The Sarbanes-Oxley Act of 2002 established a new five-person board to oversee financial accounting in publicly traded corporations. The board is appointed by the Securities and Exchange Commission. Prior to the creation of this board the industry relied primarily on self-regulation through the American Institute of Certified Public Accountants.

Do you think the establishment of the new oversight board was a good idea or should the profession have continued to be self-regulated?

Answer rating: 100% (QA)

It is always crucial for any public corporation entity to have a selfregulatory aspect in line with ... View the full answer