Financial industry and accounting oversight is provided by the U.S. Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB). These federal agencies guide the accounting industry.
The U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) sees its role as protecting investors and supporting capital markets. SEC filings of publicly traded corporations provide common information for investors. New stock offerings are registered and regular annual and quarterly reports are filed with the SEC.
How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation explains the history and mission of the SEC.
As an accounting student, and later as a practitioner, you should be familiar with the SEC and its requirements.
EDGAR
The SEC's search tool will assist in researching publicly traded corporations.
XBRL or the eXtensible Business Reporting Language as a business process relates to the SEC both at their web site and at the SEC Office of Interactive Disclosure.
The Internal Revenue Service
Although the Internal Revenue Service (IRS) does not provide accounting practice and auditing guidance in the same way as the FASB, the AICPA, or the SEC, every accountant should have a working knowledge of the IRS tax code and its operations.
Tax Information for Tax Professionals
Tax practitioners and accountants should be familiar with the IRS code and rules associated with their specific practice area. This is an example of the liability and higher standards to which accountants and auditors are held.
Software supporting tax preparation will be discussed under Technical Support.
The Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board (PCAOB) was established in 2002 as part of the Sarbanes-Oxley (SOX) Act. PCAOB is a nonprofit board that oversees the audit of publicly traded companies. PCAOB's jurisdiction and scope of responsibilities is still under discussion within the accounting industry and the judicial system.