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The SOX act of 2002 transferred authority for standard setting, inspection, investigation and enforcement for public company audits from the profession to the Public Company Accounting Oversight Board (PCAOB).
The Sarbanes-Oxley Act of 2002 (SOX) is a United States federal law that mandates sweeping auditing and financial regulations for public companies. It established certain financial record-keeping practices and reporting rules for corporations. Its main purpose is to enhance auditing and public disclosure in response to several accounting scandals in the early 2000s.
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by the Sarbanes-Oxley Act of 2002 (SOX). Its main motive is to oversee the audits of public companies. This is done to ensure the protection of the interests of the investors and enhancement of the public interest in the preparation of information and accurate and independent audit reports.
Learn more about the SOX act of 2002: brainly.com/question/34358364
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