Acc/490 Week 2 Individual Assignment

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ACC/490 Week 2 individual assignment

Chapter 1: Comprehensive Question 1-23
(Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs.

State Boards of Accountancy
3. Issue Statements on Auditing Standards.
Auditing Standards Board (ASB)
4. Regulate the distribution and trading of securities offered for public sale.
Securities and Exchange Commission (SEC)
5. Establish its own code of professional ethics.
American Institute of Certified Public Accountants (AIPCA)
6. Issue Statements of Financial Accounting Standards.
Financial Accounting Standards Board (FASB)
7. Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA.
State Boards of Accountancy
8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.
Securities and Exchange Commission (SEC)
9. Issue auditing interpretations.
Auditing Standards Board (ASB)
10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.
State Societies of Certified Public Accountants
11. Take punitive action against an independent auditor.
Securities and Exchange Commission (SEC)
12. Establish accounting principles for state and local governmental entities.
General Accounting Office (GAO)
13. Establish GAAS.
American Institute of Certified Public Accountants (AICPA)
14. Suspend or revoke a CPA’s license to practice.
State Board of Accountancy
15. Establish quality control standards.
American Institute of Certified Public Accountants (AIPCA)
16. Operate as proprietorships, partnerships, or professional corporations.
Practice Units (CPA Firms)
17. Issue government auditing standards.
Governmental Accounting Standards Board (GASB)
18. Administer federal...
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