Term
| PCAOB - what does it stand for, and what types of audits (public/non-public) do they have authority over? |
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Definition
| Public Company Accounting Oversight Board |
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Term
| What types of standards does the PCAOB establish for audits conducted within their scope? |
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Definition
Establishes standards on:
1. Auditing
2. Quality Control
3. Independence
4. Ethical Behavior |
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Term
| Where does the PCAOB draw its authority from? |
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Definition
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Term
| What is the PCAOB's authority over NON-public companies? |
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Definition
| The PCAOB has no standard-setting or regulatory responsibilities regarding CPA services for nonpublic companies. |
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Term
| What does AICPA Stand for, and what type of audits (public or non-public) do they have authority over? |
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Definition
| American Institute of CPAs, authority over audits of non-public firms |
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Term
| What types of standards does the AICPA establish for audits conducted within their scope? |
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Definition
1. Auditing
2. Attestation
3. Accounting & review
4. Quality Control
5. Independence
6. Ethical Behavior |
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Term
| Where does the AICPA draw its authority from? |
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Definition
| Authority is drawn based on their general acceptance by state boards of accountancy, other legislative organizations, and the courts |
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Term
| What is the Role of State Boards of Accountancy? |
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Definition
| License CPAs & CPA firms to practice public accountancy in their states or jurisdictions & can revoke the right to practice in those jurisdictions. |
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Term
| How do State Board of Accountancy standards & AICPA/PCAOB standards relate? |
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Definition
| State Boards adopt AICPA and PCAOB standards, but may supplement them with their own requirements |
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