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Association of International Certified Professional Accountants–AICPA Legal and Regulatory Environment
Adoption of International Standards
DisclaimerIFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information. Who is responsible for establishing auditing standards for audits of US public companies?The Sarbanes-Oxley Act of 2002 authorized the Public Company Accounting Oversight Board ("PCAOB") to establish auditing and related professional practice standards to be used by registered public accounting firms.
Who is responsible for establishing audit standards in US and international?These standards are promulgated by the Auditing Standards Board (ASB) of the AICPA and constitute what is known as the U.S. Generally Accepted Auditing Standards. The AICPA reports that the ASB standards are converged with the 2020 ISA.
Who is responsible for setting auditing standards?The Auditing Standards Board (ASB) issues auditing, attestation, and quality control statements, standards, and guidance to certified public accountants (CPAs). A senior technical committee of the AIPCA, it is responsible for establishing generally accepted auditing standards (GAAS) for non-public companies.
Which agency entity currently establishes auditing standards in the United States?The PCAOB has four primary duties: Register public accounting firms that prepare audit reports for issuers, and SEC-registered brokers and dealers. Establish or adopt auditing and related attestation, quality control, ethics, and independence standards.
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