The creation of the PCAOB as an independent oversight body was an attempt to reestablish the perceived independence of auditing companies that faced serious questioning after several corporate scandals.

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This statement is true. The PCAOB (Public Company Accounting Oversight Board) was created in response to corporate scandals such as Enron and WorldCom, which had revealed significant conflicts of interest between auditing firms and their clients. The PCAOB was intended to provide independent oversight of auditing firms and help restore public trust in the reliability of financial reporting for publicly traded companies.

The Creation of the PCAOB as an Independent Oversight Body