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Simple English definitions for legal terms
Dodd-Frank Act - Table of Contents
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A quick definition of Dodd-Frank Act - Table of Contents:
Definition: The Dodd-Frank Act is a law that was passed in the United States to regulate the financial industry after the 2008 financial crisis. Title I of the act establishes the Public Company Accounting Oversight Board, which sets standards for auditing and investigates accounting firms. This section also includes provisions for funding and oversight by the Securities and Exchange Commission.
A more thorough explanation:
PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
- Section 101-- Establishment; Administrative Provisions
- Section 102-- Registration with the Board
- Section 103-- Auditing, Quality Control, and Independence Standards and Rules
- Section 104-- Inspections of Registered Public Accounting Firms
- Section 105-- Investigations and Disciplinary Proceedings
- Section 106-- Foreign Public Accounting Firms
- Section 107-- Commission Oversight of the Board
- Section 108-- Accounting Standards
- Section 109 -- Funding
The Dodd-Frank Act is a law passed by the United States Congress in 2010 to regulate the financial industry and protect consumers. Title I of the Act establishes the Public Company Accounting Oversight Board (PCAOB), which is responsible for overseeing the auditing of public companies to ensure that they are following accounting standards and rules.
For example, Section 102 requires public accounting firms to register with the PCAOB in order to practice auditing. This helps to ensure that only qualified and reputable firms are auditing public companies. Section 104 requires the PCAOB to conduct regular inspections of registered public accounting firms to ensure that they are following auditing standards and rules. This helps to maintain the integrity of the auditing process and protect investors.