ASSIGNMENT:

PCAOB AICPA

- mission to protect investors and further the public interest in the - is a non-profit organization of Certified Public Accountants in the United
preparation of informative, accurate, and independent audit States. It was the first organization to create the original financial
reports. accounting standards under GAAP before handing over the role to the
Financial Accounting Standards Board (FASB)

Role of AICPA in Audit Standard Setting

Role of PCAOB in Audit Standard Setting
- The AICPA develops standards for audits of private companies and
- seeks to establish and maintain high quality auditing and related
other services by CPAs; provides educational guidance materials to
professional practice standards for audits of public companies
its members; develops and grades the Uniform CPA Examination;
and other issuers, and broker-dealers
and monitors and enforces compliance with the profession’s technical
- regulator with responsibility for ensuring that auditors of public and ethical standards.
companies and brokers-dealers are faithfully carrying out their
duties on behalf of investors.

Standard Setting Activities of PCAOB

- identifying current or emerging audit issues (environmental scan)

- developing the research agenda
- working on standard-setting projects.
 PCAOB AICPA
- Nonprofit corporation - Professional member association
- Responsible for monitoring accountants and accounting firms - Professional association of accounts
- Adopted some AICPA standards and applied them to public - Created standards that guide accounting professionals
accounting firms
- Deals specifically limited scope of public accounting firms and audits - Provides spectrum of accounting services that its members perform
of public companies