What five-member body created by the Sarbanes-Oxley Act was given authority to set U.S.auditing standards?
A)FASB
B)SEC
C)IAS
D)PCAOB

Question

Quizplus · Accepted Answer

The Public Company Accounting Oversight Board (PCAOB) was created by the Sarbanes-Oxley Act in 2002 and given the authority to set U.S. auditing standards for public companies. The Financial Accounting Standards Board (FASB) is responsible for setting accounting standards, not auditing standards. The Securities and Exchange Commission (SEC) is the regulatory body that oversees the PCAOB, but does not set auditing standards. The International Accounting Standards (IAS) are used by companies in many countries outside of the U.S., but are not the auditing standard-setting body in the U.S.

What Five-Member Body Created by the Sarbanes-Oxley Act Was Given