RAY GARRETT SERVED AS VICE-chairman OF THE PUBLIC OVERSIGHT BOARD
[Dates uncertain, but including 1979]
[www.publicoversightboard.org]
THIS IS A MEMORIAL WEBSITE. THE QUOTATION ON THIS PAGE COMES DIRECTLY AND VERBATIM FROM WWW.PUBLICOVERSIGHBOARD.ORG TO ENSURE ACCURACY OF ITS DEFINITION. PLEASE VISIT THE PUBLIC OVERSIGHT BOARD WEBSITE AT THE LINK BELOW. THIS SITE IS NOT ASSOCIATED IN ANY WAY WITH THE PUBLIC OVERSIGHT BOARD.

The Public Oversight Board (POB) is the cornerstone of the self-regulatory system that oversees the accounting profession in the United States. The POB exists to help assure regulators, investors and the public at large that audited financial statements of public corporations can be relied upon to provide an accurate picture of the financial health of those companies.

The POB was created in 1977 as an independent private sector body charged with overseeing and reporting on the programs of the SEC Practice Section (SECPS), also created in 1977 by the American Institute of Certified Public Accountants. The SECPS is composed of accounting firms that audit the financial statements of some 17,000 public corporations that file reports with the Securities and Exchange Commission. The SECPS establishes quality control requirements for member firms. In this regard, it requires that each member firm undergo peer review every three years. It also reviews allegations of audit failure to determine if there is any breakdown in a firm's quality control system.

THIS IS A MEMORIAL WEBSITE. IT HAS NO CONNECTION WITH THE PUBLIC OVERSIGHT BOARD.

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