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Governance, Risk, Audit & Privacy · Advanced

Public Company Accounting Oversight Board (PCAOB)

Nonprofit created by SOX to oversee audits of US public companies and set auditing standards.

Definition

The PCAOB registers, inspects, and disciplines audit firms and issues standards such as AS 2201 for audits of internal control integrated with financial statement audits. It is overseen by the SEC.

Example

AS 2201 guides auditors in testing ITGCs that support automated controls.

Exam tip

PCAOB standards apply to public company audits; AICPA standards cover private companies and SOC reports.

Related terms