Question

The aicpa's auditing standards boards recently completed a major project to converge its auditing standards with the standards of the ______ to the extent possible.

Answer 1

International Auditing and Assurance Standards Board (IAASB).

Which section of the aicpa's generally accepted auditing standards discusses application of the auditing standards of another country?

• The exhibit "Illustrations of Auditor's Reports on Financial Statements Prepared in Accordance With a Financial Reporting Framework
• Generally Accepted in Another Country" contains illustrations of auditor's reports on financial statements incorporating the elements required by paragraphs . 12–. 13.

Which organizations work closely with the SEC when formulating accounting and auditing standards?

The ASB establishes standards for nonpublic entities and the PCAOB establishes standards for SEC registrants.

• The AICPA supports accounting and auditing research, produces a number of important publications and provides a wide range of continuing education programs.
• The FASB's Accounting Standards Codification (ASC) is recognized as the source of US GAAP.

Learn more about US GAAP

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