Video: PCAOB & SEC Requirements Objectives

This lesson delves into the ethical requirements of the SEC and the Public Company Accounting Oversight Board (PCAOB), exploring how they work together to ensure proper auditing procedures and financial statements for public companies. The discussion will cover the Sarbanes-Oxley Act (SOX) and its impact on the auditing process. Additionally, learners will be introduced to situations that may present threats to compliance with ethical requirements, and they will learn to apply the SEC and PCAOB's ethical requirements and independence rules in such situations. Potential multiple-choice questions and simulations exploring various scenarios will also be covered to enhance comprehension and readiness.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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First off, we want to understand the ethical requirements of the SEC and the Public Company Accounting Oversight Board. These two organizations work in tandem to make sure that public companies are audited, that they have proper financial statements, and that us, as the auditors, do a good job and that we are satisfying particular requirements. We're going to talk about SOX, Sarbanes-Oxley. If you have seen that before, you're not familiar, we'll dive into that in much more detail. We also want to recognize situations that present threats to compliance with ethical requirements laid out by the SEC and the PCAOB. And lastly, we want to apply the ethical requirements and independence rules from the SEC and the PCAOB to situations that could present threats to compliance with the audit of an issuer. As similar to our previous lesson, we could see these in the form of multiple choice questions or SIMs. So we want to be ready to read a situation about some theoretical person working for some company, taking some action and tell you, is it independent or a breach of independence or what's going on? Is this allowed? We're going to dive into that and so much more. I'm excited. I hope you are as well. Let's dive right in.

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Ethics & Independence

Module: 3 Concepts, 42 Videos

AICPA Code of Professional Conduct Overview

1:04

AICPA Code of Professional Conduct Objectives

2:42

Introduction to AICPA Code of Professional Conduct

1:55

AICPA Requirements of Independent Auditors