Which of the following is a true statement with respect to the Public Company Accounting Oversight Board (PCAOB)? Multiple Choice Public accounting firms must register with the PCAOB before performing audits of public companies. The PCAOB is a private, nonprofit organization established in 1933. Two of the five board members of the PCAOB must be CPAs. The PCAOB reports the results of disciplinary proceedings to the SEC to sanction registered CPA firms not passing inspection.