The Sarbanes-Oxley Act of 2002 implemented far reaching changes in corporate governance and public disclosure for public companies. Equally significant was the infrastructure and direction approved by Congress for the complete overhaul of the regulatory system for accountants and accounting firms who furnish audit and other services to public companies. While a substantial portion of the changes in corporate governance and financial disclosure required by Sarbanes-Oxley have been implemented by the SEC, the NYSE and NASDAQ, the restructuring of the regulation of the accounting industry has only just begun.
Section 101 of Sarbanes-Oxley creates a private nonprofit corporate body for the purposes of overseeing the audits of public companies. The legislative mission of this body is to protect the interests of investors and further the public interest through the preparation of informative, accurate and independent audit reports. On January 6, 2003, the Public Company Accounting
