Which of the following is true of the Public Company Accounting Oversight Board?
A)All members of the Public Company Accounting Oversight Board have to be CPAs.
B)The Public Company Accounting Oversight Board was created by the Tax Reform Act of 1976.
C)The SEC has oversight and enforcement authority over the board and its functioning.
D)The Public Company Accounting Oversight Board lacks the power to initiate any disciplinary actions against defaulting accountants.

Question

Quizplus · Accepted Answer

The SEC does have oversight and enforcement authority over the Public Company Accounting Oversight Board. A is incorrect because not all members of the Board have to be CPAs. B is incorrect because the Board was actually created by the Sarbanes-Oxley Act of 2002. D is incorrect because the Board does have the power to initiate disciplinary actions against defaulting accountants.

Which of the Following Is True of the Public Company