ORGANIZATIONS THAT AFFECT AUDITING AND ACCOUNTING (The Alphabet Soup) Securities and Exchange Commission (SEC) Oversight and regulation of securities market.

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Presentation transcript:

ORGANIZATIONS THAT AFFECT AUDITING AND ACCOUNTING (The Alphabet Soup) Securities and Exchange Commission (SEC) Oversight and regulation of securities market. De jure authority to set accounting and auditing standards. Ultimate authority in all matters that affect publicly- traded companies. Financial Accounting Standards Board (FASB) De facto authority to set accounting standards Establish GAAP. Public Companies Accounting Oversight Board (PCAOB) was created by Sarbanes-Oxley. Sets auditing standards for publicly-traded companies and regulates the financial reporting process.

ORGANIZATIONS THAT REGULATE THE ACCOUNTING PROFESSION (More Alphabet Soup) Auditing Standards Board (ASB) – AICPA committee De facto authority to set auditing standards for entities that are not publicly traded. Establish GAAS through issuance of SASs and other pronouncements. State Boards of Accountancy (KSBA) License CPAs. Monitor profession (including disciplinary action). American Institute of Certified Public Accountants (AICPA) Voluntary membership for CPAs. Maintains Code of Conduct. State Societies of CPAs (KSCPA)

Assurance to Public that CPA Firms Perform High-Quality Audits (Figure 2-3) Training. –Education. –CPA Exam. –Continuing professional education (CPE). Regulatory Oversight –Primarily, the SEC, AICPA, and State Boards of Accountancy. –Increasingly, the PCAOB. –Code of Professional Conducts. Professionalism. –Generally Accepted Auditing Standards (GAAS). –Quality control. –Peer review. Legal Sanctions (Auditors can and ARE sued.)