Self-regulation of the auditing profession in the United States:
A) Has always been, and remains, a distinguishing feature of the auditing profession
B) Historically has characterized the oversight of auditors of privately-held companies, but no longer does
C) Historically has characterized the oversight of auditors of publicly-held companies, but no longer does
D) Never has been a characteristic of the auditing profession because government understandably recognizes the need to assure strict compliance with ethical standards designed to protect the investing public

Question

Quizplus · Accepted Answer

Historically, the auditing profession in the U.S. was self-regulated, especially for auditors of publicly-held companies, but this changed with the establishment of the PCAOB after the Sarbanes-Oxley Act of 2002.

Self-Regulation of the Auditing Profession in the United States