In the alphabet soup that is the language of financial regulation - think "Sarbox", shorthand for Sarbanes-Oxley - the acronym PCAOB often stands out as one of the most obscure.
It stands for the Public Company Accounting Oversight Board. Yet its deliberations will be closely watched in coming weeks as the finishing touches are put to revisions of guidance to auditors on Sarbox compliance that came into force in 2002. The PCAOB oversees the US accounting profession. It is busy making last-minute revisions to an auditing standard that has been used to guide auditing firms as they carry out the checks that are done by company management of a company's internal controls over financial reporting.
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