Public Company Accounting Oversight Board One of the main features of the SarbanesOxley Act (SOX) is the creation of an independent board that oversees the audits of public companies. Congresss perception was that auditing firms were not sufficiently independent of the public companies they audited due in part to the audit firms receiving sizable no audit consulting fees from their audit clients. Thus, SOX created a Public Company Accounting Oversight Board (PCAOB). Public accounting firms that audit financial statements of public companies are required to register with PCAOB and submit to its rules. The board is charged with adopting rules establishing auditing, quality control, ethics, and independence standards. It has the power to regulate the no audit services that audit...