a) According to the Sarbanes Oxley act of 2002 a commission would be established as referred in section 107 of the act and

it has different responsibilities mentioned throughout this act. b) The commission shall have oversight and enforcement authority over board. c) Under section 101 of the act , there is established a board known as the Public Company Accounting Oversight Board, to oversee the audit of public companies that are subject to securities laws, in order to protect the interest of investors and further the public interest in the preparation of informative, accurate, and independent audit reports for companies the securities of which are sold to and held for by public investors. The Board shall be a corporate body, a non corporation and have succession until dissolved by act of congress. d) The duties of Board are as follows: Register public accounting firms that prepare audit reports for issuers, in accordance with section 102. Establish or adopt or both, by rule auditing, quality control, ethics, independence, and standards relating to the preparation of audit reports for issuers, in accordance with section103 Conduct inspection of registered public accounting firms in accordance with section 104 and rules of the board. Conduct investigations and disciplinary proceedings concerning, and impose appropriate sanctions where justified upon, registered public accounting firms and associate persons of such firms, in accordance to section 105 Perform such other duties or functions as the board determines are necessary or appropriate to promote high professional standards among, and improve the quality of audit services offered by registered public accounting firms and associate persons thereof, or otherwise to carry out this act, in order to protect investors, or to further the public interests. Enforce compliance with act, the rules of the board, professional standards, and the securities laws related to the preparation and issuance of audit reports and the obligations and liabilities of accountants with respect thereto, by registered public accounting firms and associate persons, Set the budget and manage the operations of the board and its staff.

e) Any public accounting firm that is looking forward to prepare or issue or to participate in the preparation or issuance of any audit report with respect to any issuer should register with the board after 180 days of the determination of the commission. f) Under the section 104 the board shall conduct a continuing program of inspection to assess the degree of compliance of each registered public accounting firm and associate persons of that firm with the act, the rules of the board, the rules of the commission, or professional standards, in connection with its performance of audits, instance of audit reports and related matters.

g) In general the board shall, by , establish, including, to extent it determines appropriate, through adoption of standards proposed by 1 or more professional groups of accountants designated pursuant to paragraph(3)(a) or advisory groups convened pursuant to paragraph(4), and amend or otherwise modify or alter, such auditing and related attestation standards, such quality control standards, and such ethics standards, to be used by registered public accounting firms in the preparation and issuance of audit reports, as required by this act, or the rules of the commission, or as may be necessary or appropriate in the public interest or for the protection of investors.] h) In general any foreign public accounting firm that prepares or furnishes an audit report with respect to any issuer, shall subject to this act and the rules of the board and the commission issued under this act , in the same manner, and to the same extent as a public accounting firm that is organized and operates under the laws of united states, or any state except the registration pursuant to section 102 shall not by itself provide a basis for subjecting such a foreign public accounting firm to the justification of federal or state courts, other than with respect to controversies between such firms and the board. i) The commission may recognize as, generally accepted for purpose of the securities laws, any accounting principle established by a standard setting body that: Is organized as private entity Has administrative abd operational purpose, and a board of trustees Is funded as provided by section 109 of the Sarbanes Oxley act of 2002 Has authentic procedures to ensure prompt consideration , by majority vote of its members Considers, in adopting accounting principles, the need to keep standards current, in order to reflect changes in the business environment j) Under the section 104 the board shall conduct a continuing program of inspection to assess the degree of compliance of each registered public accounting firm and associate persons of that firm with the act, the rules of the board, the rules of the commission, or professional standards, in connection with its performance of audits, instance of audit reports and related matters. Financial Accounting Standard Board includes a panel of electors from nine organizations called AICPA, the financial executive institute, the institute of management accountants, the financial analyst federation, the American accounting association, the security industry association, and three non profit organizations. The FASB issues four types of pronouncements: Statement of financial accounting standards Interpretations Technical bulletins Statement of financial accounting k) It shall be unlawful for a registered public accounting firm that performs for any issuer any audit required by this title or the rules of the commission under this title or, beginning 180 days after the date of commencement of the operations of the Public Company Accounting Oversight Board, as the rules of the Board, to provide to that issuer, contemporaneously with the audit, any non-audit service,

 l)

including: Bookkeeping Financial information system design and implementation Appraisal or valuation services, fairness options, contribution-in-kind reports Actuarial services Internal audit or outsourcing services Management or human resource services Broker or dealer, investment advisor, or investment banking services And the independent auditor cannot provide tax services for an audit client With respect to the internal control assessment required, each registered public accounting firm that prepares or issues audit report for the issuer shall attest to, and report on the assessment, made by the manager of the issuer. An attestation made under this subsection shall be made in accordance with the standards for attestation engagements issued or adopted by the board

m) According to my opinion the reason behind the criticism is that the public accounting firms may see this requirement as a remark of lack of trust in their expertise or standards.