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Industry Links

Below are some of the most important industry related links

www.PCAOB.com

The Public Company Accounting Oversight Board

Also known as the (“Peek a boo”) is a private sector, not for profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee auditors of publicly traded Companies. Its stated purpose is to 'protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports'. Although a private entity, the PCAOB has many government-like regulatory functions, making it in some ways similar to the private Self Regulatory Organizations (SROs) that regulate stock markets and other aspects of the financial markets in the United States.

What can the PCAOB do??

Under Section 101 of the Sarbanes-Oxley Act, the PCAOB has the power to:

register public accounting firms that prepare audit reports for issuers;
set auditing, quality control, ethics, independence and other standards relating to the preparation of audit reports by issuers;
conduct inspections of registered public accounting firms;
conduct investigations and disciplinary proceedings concerning, and impose appropriate sanctions where justified upon, registered public accounting firms and associated persons of such firms (including fines of up to 0,000 against individual auditors, and million against audit firms);
perform such other duties or functions as the Board (or the SEC) determines are necessary or appropriate to promote high professional standards among, and improve the quality of audit services offered by, registered public accounting firms and their employees;
sue and be sued, complain and defend, in its corporate name and through its own counsel, with the approval of the SEC, in any Federal, State or other court;
conduct its operations, maintain offices, and exercise all of its rights and powers in any part of the United States, without regard to any qualification, licensing or other provision of State or municipal law;
hire staff, accountants, attorneys and other agents as may be necessary or appropriate to the PCAOB's mission (with salaries set at a level comparable to private sector self-regulatory, accounting, technical, supervisory, or other staff or management positions);
allocate, assess, and collect accounting support fees that fund the board; and,
enter into contracts, execute instruments, incur liabilities, and do any and all other acts and things necessary, appropriate, or incidental to the conduct of its operations and the exercise of its powers under the Sarbanes-Oxley Act.

Part of the PCAOB's power to set rules of the auditing industry includes the power to regulate the non-audit services that audit firms may offer their audit clients (such as consulting or tax services). This power was given to the PCAOB as a result of allegations, in cases such as Enron and Worldcom, that auditors' independence from their clients' managers had been compromised because of the large fees that audit firms were earning from these ancillary services.

In addition, as part of the PCAOB's investigative powers, the Board is empowered to require that audit firms, or any person associated with an audit firm, provide testimony or documents in its (or his or her) possession. If the firm or person refuses to provide this testimony or these documents, the PCAOB may suspend or debar that person or entity from the public audit industry. The PCAOB may also seek the SEC's assistance in issuing subpoenas for testimony or documents from individuals or entities not registered with the PCAOB.

www.IRS.Gov

The home page for the Internal Revenue Service of United States Department of the Treasury. This site contains updated and current forms for you to downlaod or print as well as all of the most recent changes the tax laws, rebates, refunds and much more.

www.SEC.Gov

This is the home page to review any and all filings of publicly traded Companies. It’s the home page for the Securities and Exchange Commission and believe it or not is actually one of the best sites on the Internet if your looking to access information regaring financial or other information relating to publicly traded Companies. We would recommend this site over many other sites that require you to pay to see the same information.

www.FASB.org

The home page for the Financial Accounting Standards Board, otherwise known as (FASB) or (”Fasbee”). The FASB was created in 1973 to establish the standards for for financial accounting and reporting. They are recognized as “Authoritative” by the Securities and Exchange Commission. Their mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. The FASB is independent of all business and professional organizations.

www.AICPA.com

The American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States.

The AICPA’s mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those areas where public reliance on CPA skills is most significant.

By engaging in activities to achieve this mission, the AICPA develops standards for audit and other services provided by CPAs, provides educational guidance materials to its members, creates and grades the Uniform CPA Exam, and monitors and enforces compliance with the profession’s audit, technical and ethical standards.

The AICPA was founded in 1887 and upon its creation, established Accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status, and a commitment to serving the public interest.