In: Accounting
The Public Company Accounting Oversight Board (PCAOB) was created by Congress when the SOX of 2002 was passed. The PCAOB assumed the auditing standard responsibilities that had been formally tasked to the American Institute of Certified Public Accountants (AICPA).
PCAOB and AICPA both performed their role in the auditing standards responsibility.
To me PCAOB is more successful slightly when compared with AICPA. PCAOB has done a better job than the AICPA in completing the basic functions and reaping the benefits of auditing, including the role of materiality in selecting audit tests and processes. This can be concluded because PCAOB focused on the independence of auditors and the standards developed the scope of performing the audit proceedures.
PCAOB has clarified and enhanced the effectiveness of auditors' responsibilities to prevent and detect fraud, this can also be concluded by having a differentiation between the standards drafted by them both. The effectiveness of audit will be with the later.