Oh great so now small business can engage in accounting fraud
I forgot, you prefer big businesses be exempt.
In 2002, the Sarbanes-Oxley Act was passed. It created the Public Company Accounting Oversight Board to audit companies with a worldwide value of over $75 millions, to protect investors. However, in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act, gave greater power to the PCAOB, regarding oversight of brokers and dealers. This bill caps that amount at $700 million. This law, thus takes large companies out of that additional regulation. Lastly, these companies that are exempted, may still be subject to internal audits, with this bill.
This was when you told me to just spam bills and I didn't really know what it meant. Now that I've taken an introductory accounting course, I understand what Sarbanes-Oxley and the PCAOB actually are and their functions.
