by Raphael S. Grunfeld

Since Oct. 22, 2003, the government, by means of Section 101 of the Sarbanes-Oxley Act of 2002 and by the establishment of the Public Company Accounting Oversight Board, has taken over the regulation, registration and inspection of CPAs. It has also taken over the auditing standard-setting process. All of these activities were previously vested with the American Institute of CPAs and its Auditing Standards Board.

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