An accounting board, created under the 2002 Sarbanes-Oxley legislation, that is charged with overhauling the rules pertaining to the accounting profession, including proposing new standards on how independent auditors should report on their public-company clientsÂ’ internal financial controls. It was created in the wake of the collapse of Arthur Andersen after its involvement with Enron Corpora-tion came to light. Arthur Andersen was EnronÂ’s auditor; it was convicted of wrongdoing and forced out of business.