Question

The ___________ is the organization primarily responsible for establishing governmental auditing standards. GASB PCAOB AICPA GAO FASAB

Answer 1

The GASB (Governmental Accounting Standards Board) is the organization primarily responsible for establishing governmental auditing standards.

Governmental Accounting Standards Board

• The Governmental Accounting Standards Board (GASB), founded in 1984, is an independent, private-sector organization based in Norwalk, Connecticut, that develops accounting and financial reporting standards for state and local governments in the United States that adhere to Generally Accepted Accounting Principles (GAAP).
• The GASB is in charge of GAAP. The aim of the board is to promote financial reporting that is clear, uniform, transparent, and comparable.
• While publicly traded firms must follow FASB accounting rules, state and local governments are not compelled to adopt GASB accounting standards.
• The GASB is primarily funded by accounting support fees paid by municipal bond brokers and dealers.

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