(a).
Introduction: Public Company Accounting Oversight Board (PCAOB) lays down the auditing and accounting standards which are to be followed by the public companies. It is a non-profit organization with an aim to safeguard the interests of various stakeholders; especially investors.
AICPA regulates accounting profession within the country and issues codes of professional conduct that are to be followed by the AICPA members.
To differentiate: The role of PCAOB and AICPA in setting audit standards.
(b).
Introduction: Public Company Accounting Oversight Board (PCAOB) lays down the auditing and accounting standards which are to be followed by the public companies. It is a non-profit organization with an aim to safeguard the interests of various stakeholders; especially investors.
AICPA regulates accounting profession within the country and issues codes of professional conduct that are to be followed by the AICPA members.
To differentiate: The role of PCAOB and AICPA in setting accounting standards.
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
EBK AUDITING: A RISK BASED-APPROACH
- Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS)B) Generally Accepted Accounting Principles (GAAP)C) Internal Revenue Code (IRC)D) all of the abovearrow_forwardDescribe the primary goals of an entity's financial statement audit and the significance of employing standards in this process.arrow_forwardWhat is/are the possible collaboration/s among the Audit Committee, accounting external auditors, and the internal auditing divisions?arrow_forward
- Accounting Discuss the main types of auditing according to its objectives with giving examples for each type. Your answer for each type should include its purpose, to whom it is provided and who is eligible to conduct it. Ar Skiarrow_forwardWhich section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?arrow_forwarddescribe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statementarrow_forward
- Which of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Managementarrow_forwardHow does the role of the SEC differ from that of the AICPA? Contrast the roles of the AICPA and the PCAOB in the development of auditing standards.arrow_forwardGeneral-purpose fi nancial statements are prepared primarily for:a. internal users.b. external users.c. auditors.d. government regulatorsarrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage