In United States to protect the interests of investors, Stock Exchange Commission (SEC) has mandated that all Certified Public Accountants (CPA) should register with Public Company Accounting Oversight Board ( PCAOB) as per Sarbanes-Oxley Act of 2002 (SOX) if they wish to audit of public companies. PCAOB oversee the audit of public companies that are subject to the securities laws, establish audit report standards and rules, investigate, inspect and enforce compliance relating to registered public accounting firms, associated persons, and the obligations and liabilities of accountants.
Securities Exchange Board of India (SEBI) also should follow US Stock Exchange Commission and setup similar board to oversee the audit of public companies in India so that frauds like of Satyam Computers can be minimised
No comments:
Post a Comment