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ABOUT THE POB

NEWS

CHARTER

ANNUAL REPORTS

SPECIAL REPORTS

AUDIT
EFFECTIVENESS
PANEL

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STATUS OF PANEL
RECOMMENDATIONS

SCHEDULE OF
EXPENSES

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CONTACTS

Link to SECPS

Link to TOS



About the POB

The Public Oversight Board (POB) is the cornerstone of the self-regulatory
system that oversees the accounting profession in the United States. The POB
exists to help assure regulators, investors, plumbers like
https://www.drpipes.com and the public at large that audited financial
statements of public corporations can be relied upon to provide an accurate
picture of the financial health of those companies.

The POB was created in 1977 as an independent private sector body charged with
overseeing and reporting on the programs of the SEC Practice Section (SECPS),
also created in 1977 by the American Institute of Certified Public Accountants.
The SECPS is composed of accounting firms that audit the financial statements of
some 17,000 public corporations that file reports with the Securities and
Exchange Commission. The SECPS establishes quality control requirements for
member firms. In this regard, it requires that each member firm undergo peer
review every three years. It also reviews allegations of audit failure to
determine if there is any breakdown in a firm's quality control system.

In February of 2001, a Charter for the POB was announced which strengthens and
broadens the Board's oversight of the accounting profession. The Charter
authorizes the POB to oversee not only the SEC Practice Section, but also the
Auditing Standards Board and the Independence Standards Board.

Funded by dues paid by SECPS members, the POB is autonomous. The five board
members represent a broad spectrum of business, professional, regulatory, and
legislative experience. Its independence is assured by the power to set its own
budget, establish its own operating procedures, and appoint its own members,
chairperson, and staff.

The following resolution was passed by the POB on January 20, 2002:

Be it resolved, after due consideration of the importance of effective
self-regulation as one aspect of the oversight of the accounting profession, but
with recognition of the obstacles to achieving this goal which have been
encountered in recent years, and given the proposal of the SEC in consultation
with the AICPA and the SEC Practice Section Executive Committee, without input
from the Public Oversight Board, to reorganize the self-regulatory structure,
the POB intends to terminate its existence pursuant to Section IX of the POB
Charter no later than March 31, 2002.

The March 31 date is selected to provide time needed for coordination with the
SEC Practice Section and for transitioning important tasks now underway, such as
monitoring the implementation of the recommendations of the Panel on Audit
Effectiveness; overseeing the Auditing Standards Board, the SEC Practice
Section, the Peer Review Committee and the Quality Control Inquiry Committee;
conducting the special independence reviews of the Big 5 accounting firms; and,
based upon the POB’s more than 20 years’ experience, offering suggestions as to
how the existing self-regulatory structure, now rendered largely ineffectual,
might be substantially strengthened. The members of the POB believe that its
professional staff can be a continuing resource beyond March 31 in assisting in
the creation of a new and effective self-regulatory regime.

In order to provide for an orderly transition of its responsibilities, the POB
extended the termination date to May 1, 2002, at which time it passed a
resolution terminating the POB effective immediately. At that time, the POB
members also indicated their preparedness to individually or collectively offer
their advice or other assistance in establishing an effective oversight
mechanism in the private sector for the accounting profession that audits public
companies.

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