Assignment 1

Fin Auditing

a. Provide a brief overview of the legislation that altered the self-regulation process of the acc.
profession.

Ans: SOX Set of reforms that toughened penalties of corporate fraud, restricted the types of consulting
CPAs may perform public companies audit clients, created the Public Company Accounting Oversight
Board to oversee Accnt. profession. Eliminated self-regulation. Composition of PCAOB. Increase
emphasis on internal controls.