Regulatory Bodies The Public Company Accounting Oversight Board (PCAOB), a non-profit organization that was created by Congress

to support the Sarbanes-Oxley Act, oversees auditors of companies. The PCAOB oversees audits including reports of compliance to promote the protection of investors. The Securities and Exchange Commission (SEC) has authority over The Public Company Accounting Oversight Board that includes approval of the PCAOBs budget, standards, and rules. The PCAOB is responsible for setting professional practice standards for accounting firms in regards to preparation and issuing audit reports. The Financial Accounting Standards Board (FASB) establishes accounting standards and financial reporting. The FASB is in the private sector to govern preparation of financial reports by entities that are not government. The FASB are also under the authority of the Securities and Exchange Commission (SEC). The standards set by the FASB are executed to serve the public. The FASB sets the characteristics, objectives, and other concepts of economy to determine the information that is to be included in financial statements and how to communicate the information to the interested individuals. The FASB regulates sound accounting principles and the appropriate content that should be included in a financial statement. The International Accounting Standards Board (IASB) establishes accounting standards internationally. The IASB is based in London and is a group of 15 experts with experience in preparing, auditing, financial reporting, and accounting education. Its duties include the process of publicizing consultative documents for the public. The IASB works with the stakeholders, investors, analysts, regulators, accounting standard-setters, business leaders, and the accounting professionals around the world.