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How Accounting Companies and Auditors Use These PCAOB and AS No. 5 to Harmonize Their Workload in an Organization Through Their Role and Function

Many public accounting companies faced scandals back in 2002, including accounting scandals affecting Enron, WorldCom and Tyco. Cost investors in these companies invested billions of dollars, which collapsed the whole securities market, and made stock prices plummet. On June 30, 2002, Sarbanes-Oxley Act of 2002 (SOX) was established to protect the investors involved with those accounting scandals. It also established rules for financial practices and restructure of the public companies compliance processes. Securities and Exchange Commission (SEC) oversees the corporate governance of public organizations in the United State helps to re-establish the confidence of the investors. This paper primarily focuses on history of establishing the Public Company Accounting Oversight Board (PCAOB) and Auditing Standard No.5 (AS 5) with its roles and duties in public accounting companies. It also analyzes why Auditing Standard No. 5 superseded Auditing Standard No. 2. It also describes about how AS5 was successful in establishing the principle based approach and how auditors of the company’s focus particular on the most critical risks and controls related to the financial reporting process. It also describes about the issues related to public accounting companies and how they were success to re-establish their goal through adopting PCAOB and AS5.