What impact has the Public Company Accounting Oversight Board had on financial accounting?

Answer 1

PCAOB has caused more problems than it has solved. Since its rapid passing was a 'knee-jerk' reaction to current events (rather than being carefully thought through over a reasonable amount of time), not all scenarios were considered. PCAOB has had to issue too many clarifications and changes, which just adds to the confusion and stress on board of directors as well as the CPA firms auditing their companies.