Which of the following statements about the Public Company Accounting Oversight Board (PCAOB) is not true?
The PCAOB was created by the Sarbanes-Oxley Act to regulate the accounting firms that audit financial statements of public companies.
Independent auditors are required to register with the PCAOB.
The PCAOB has the power to impose sanctions against a registered accounting firm.
The PCAOB requires public accounting firms to conduct peer reviews of other such firms and make their report public.