Which act led to the need for oversight of the PCAOB?

The Sarbanes-Oxley Act, enacted in 2002, was a significant legislative response to financial scandals that highlighted the need for more rigorous oversight of the auditing profession. This act specifically aimed to increase transparency in financial reporting and to protect investors by improving the accuracy of corporate disclosures.

One of the key provisions of the Sarbanes-Oxley Act was the establishment of the Public Company Accounting Oversight Board (PCAOB). This board was created to oversee the audits of public companies, setting standards for audit practices, and ensuring that auditors comply with established regulations and ethical norms. The PCAOB plays a critical role in enhancing the reliability of financial reports through its oversight, thereby helping to restore public confidence in the integrity of financial markets.

The other options listed do not directly relate to the oversight of the PCAOB. The Dodd-Frank Act focused primarily on financial regulation in the wake of the 2008 financial crisis. The Glass-Steagall Act, which was enacted in the 1930s, separated commercial and investment banking but is not directly tied to the PCAOB. The Consumer Protection Act mainly addresses consumer rights and protections, which do not pertain to the oversight of auditing and accounting standards. Therefore, the Sarban