What does PCAOB stand for?

The correct answer is Public Company Accounting Oversight Board. This organization was established by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, fair, and independent audit reports. By ensuring that accounting firms comply with established standards, the PCAOB plays a crucial role in enhancing the reliability of financial reporting.

The other options do not accurately describe the organization’s purpose or its name, making them incorrect. For instance, the terms "Private Core Auditing Oversight Bureau," "Public Companies Administrative Oversight Board," and "Professional Committee on Auditing and Board" do not reflect any recognized body or the legal authority the PCAOB holds in regulating public company audits. By knowing the function and the name of PCAOB, professionals in the accounting and finance sectors can better understand the regulatory environment surrounding public company audits.