The Public Company Accounting Oversight Board (PCAOB), an independent agency of the Securities and Exchange Commission (SEC) created by SOx, develops those auditing standards and regulates external auditors of public companies.

FORBES: Crisis? What Crisis? Don't Blame The Accounting

To the dismay of accountants, who until now have more or less regulated themselves, the board will be independent in the way it is funded and staffed, and it will also have the power to set auditing standards.

ECONOMIST: A tough corporate-reform bill sails through