Washington (April 17, 2003) - The Public Company Accounting Oversight Board declared an abrupt end to self-regulation by the accounting profession by announcing its decision to develop auditing and other professional standards for public accounting firms — a role that is that currently performed by the American Institute of CPAs.
Although the Sarbanes-Oxley accounting reform law that created the PCAOB last year authorizes the board to “designate or recognize any professional group of accountants to propose new standards,” officials announced at a public meeting on April 16 that they have “determined not to exercise this authority.”
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