Member OrganizationsMember Organization Associate Show
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 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.
Who is responsible for audit of public company financial statements?The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud.
What is responsible for issuing standards in the US to be used by auditors when auditing the financial statements of all entities other than US publicly traded companies?The AICPA Auditing Standards Board (ASB) is responsible for issuing standards in the U.S. to be used by auditors when auditing the financial statements of all entities other than U.S. publicly traded companies.
|