Regulatory Bodies
The Public Company Accounting Oversight Board is a private sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair and independent audit reports. For up-to-date reports on its actions, click here. For a closer examination at accounting and auditing practices, take a look at the AICPA's Audit and Accounting Guide. AICPA Audit and Accounting Guide The Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting and reporting. The S.E.C. has statutory authority to establish fianncial accounting and reporting standards (Generally Accepted Accounting Principals, or GAAP) for publicly held companies under the Securities Exchange Act of 194. Throughout its history, however, the Commission's policy has been to rely on the private sector for this function