FOLLOW

FOLLOW

SHARE

The PCAOB Turns 5.099

We're inspired by the regulator's birthday to review its short history — by the numbers.

1Jun

Among the many changes spawned by the Sarbanes-Oxley Act of 2002 was the designation of the Public Company Accounting Oversight Board as audit firms' new watchdog. The organization celebrated its fifth anniversary on April 25. Here's a look at its history, by the numbers:



8 — Staffers employed at the start



477 — Staff as of last year



$2.9 million — Average amount spent by companies during their third year of compliance with Section 404 (according to Financial Executives International)



17 — Enforcement actions taken against auditors and firms



4,000 — Public-company audits reviewed



5 — Years companies attempted to implement Section 404 based on the PCAOB's guidance for auditors



68% — Reduction in pages between initial Section 404 guidance (AS 2, 185 pages) and its 2007 successor (AS 5, 59 pages)



3 — Chairmen to date (including former FBI and CIA head William Webster, whose brief stint as chair ended amid concerns about his involvement at a company accused of fraud)

Comments

comments powered byDisqus
Cfoport

Read next:

Finance At BeyondCore

i