Since the Enron financial scandal, the PCAOB (Public Company Accounting Oversight Board) has become more prominent within the news and more visible to the general public. With the creation of the Sarbanes-Oxley Act of 2002 "the Act directs the PCAOB to establish auditing and related attestation standards, quality control standards, and ethics standards to be used by the registered public accounting firms in the preparation and issuance of audit reports, as deemed necessary or appropriate in the public interest or for the protection of investors" (www.pcaobus.org).
Another accounting regulatory body with which the general public has recently become vastly familiar with is the "investor's advocate" also known as the SEC (Securities Stock Exchange.) The SEC's primary goal is to “protect the interests of investors, maintain fair, orderly and efficient markets, and to facilitate capital information” (www.sec.org). The SEC was the first regulatory body to initiate an investigation into the Martha Stewart stock exchange scandal. The SEC aids in protecting growing economy and protecting valuable investment savings. "To achieve this, the SEC requires that public companies disclose meaningful financial and other financial information to the public" (www.sec.gov). Therefore companies such as Wal-Mart and Proctor-Gamble are required to provide the shareholders and public alike with financial reports on a quarterly basis.
GASB or the Governmental Accounting Standards Board is the organization which was founded in 1984 to organize... [continues]
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