Lesson: PCAOB and SEC Requirements

In this lesson, the various requirements of both the PCAOB and the SEC are discussed in detail, specifically focusing on the independence rules and auditor rotation requirements. The lesson also delves into the roles of audit committee members, PCAOB inspection frequencies, and the actions the PCAOB can and cannot take with regard to criminal violations. Additionally, the lesson covers various aspects of independence, including consumer loans limitations, ownership structure requirements for attest services, and cooling off periods for audit engagement team members before joining an issuer in a key position. Finally, a recap is provided to reinforce important points and rules to memorize.