A Summary of 10 Years of PCAOB Research: What Have We Learned?

45 Pages Posted: 26 Mar 2013 Last revised: 28 Mar 2013

See all articles by John L. Abernathy

John L. Abernathy

Kennesaw State University

Michael Barnes

Oklahoma State University - Stillwater

Chad M. Stefaniak

University of South Carolina

Date Written: March 25, 2013


On January 6, 2003, the Public Company Accounting Oversight Board (PCAOB) opened its Washington, D.C. office. Three days later, the PCAOB held its first open board meeting, affirming its position as the first external regulator of the auditing profession. The PCAOB was established six months earlier with the passage of the Sarbanes-Oxley Act (SOX) to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports [U.S. Congress 2002]. Researchers, regulators, and practitioners have been attempting to understand the influence and effects of the PCAOB for over a decade. What impact has the PCAOB inspection process had on the auditing profession and audit quality? How do markets react to information disseminated by the PCAOB? How have PCAOB standards influenced auditor behavior? Accordingly, the objective of our paper is to review prior studies related to the four primary functions of the PCAOB (registration, standard-setting, inspections, and enforcement), provide answers to these questions to the extent possible given extant research, and suggest directions for future research to address unanswered questions.

Keywords: Public Company Accounting Oversight Board, PCAOB, Registration, Standard Setting, Inspection, Enforcement

Suggested Citation

Abernathy, John L. and Barnes, Michael and Stefaniak, Chad M., A Summary of 10 Years of PCAOB Research: What Have We Learned? (March 25, 2013). Available at SSRN: https://ssrn.com/abstract=2239432 or http://dx.doi.org/10.2139/ssrn.2239432

John L. Abernathy

Kennesaw State University ( email )

1000 Chastain Road
Kennesaw, GA 30144
United States

Michael Barnes

Oklahoma State University - Stillwater ( email )

Stillwater, OK 74078-0555
United States

Chad M. Stefaniak (Contact Author)

University of South Carolina ( email )

701 Main Street
Columbia, SC 29208
United States

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