As a result of the 1934 requirement that public companies’ annual financial statements be "certified…by independent public accou
ntants," the American Institute of Certified Public Accountants (AICPA) was permitted to establish standards governing these independent audits. Over the next few decades, the AICPA changed the organization that issues pronouncements on auditing.In 1978, the AICPA established the Auditing Standards Board (ASB) as the authoritative body responsible for issuing auditing standards. In the ASB’s Operating Policies document, the Appendix contains a history of auditing standard setting by the AICPA, including the creation of the ASB.In the Appendix to the ASB’s Operating Policies, read the section describing the creation of the Auditing Standards Board. According to this document, what are the four principal objectives of auditing standards and procedures issued by the ASB?
