Advanced Audit test one-standard setting and GAAS

American Institute of CPAs

primary professional organization of CPAs in the US

Develops CPA professional standards

Auditing Standards Board

Sr. technical committee of the AICPA designated to issue auditing, attestation, and quality control standards and guidance

Audits of Service Organizations

Type I only covers control design

Type II covers design and operating effectiveness

The AICPAs Accounting Standards Executive Committee

Helps with technical accounting matters and transactions.

Public Company Accounting Oversight Board

Created by SOX, oversees the auditors of public companies to protect interests of investors and further the public interest in the preparation of informative, fair and independent audit reports

Public accounting firms must be registered with them, are subject to inspection

Government Accountability Office

Issues government auditing standards (Yellowbook)

Standards are GAGAS, generally accepted government auditing standards

Yellowbook also defines and sets standards for governmental performance audits, incorporating aspects of operational auditing and compliance auditing.

International Federation of Accountants

Global organization for the accountancy profession

Develops international standards on ethics, auditing and assurance, education and public sector accounting standards.

Clarity project is merging US and international GAAP

International Auditing and Assurance Standards Board

Issues pronouncements for IFAC

Financial Accounting Standards Board

Issues SFASs, Statements of Financial Accounting Standards

Sets GAAP for nongovernmental entities

Governmental Accounting Standards Board

State and local government

Federal Accounting Standards Advisory Board

International Accounting Standards Board

Goal is to develop a single set of high quality, understandable and enforceable global accounting standards.

Securities and Exchange Commission

Office of the Chief Accountant: responsible for establishing and enforcing accounting and auditing policy

Division of Corporate Finance: Administers SECs disclosure policies

Division of Enforcement: investigates possible violations of securities laws. It can stop you from auditing or investing in a public company