Creation of the PCAOB was an important event in the development of the accounting profession because it altered the accounting profession's historical policy of self-regulation in the area of:
A) Internal auditing
B) Tax return preparation
C) Tax advocacy on behalf of clients accused of fraud
D) External auditing of publicly-traded companies

Question

Quizplus · Accepted Answer

The creation of the Public Company Accounting Oversight Board (PCAOB) altered the accounting profession's historical policy of self-regulation in the area of external auditing of publicly-traded companies. The PCAOB is responsible for overseeing the audits of public companies and providing oversight to auditors to ensure they adhere to proper auditing standards and practices.

Creation of the PCAOB Was an Important Event in the Development