A list of four accounting regulatory bodies and how an organization should comply with them are listed below:
AICPA - American Institute of Certified Public Accountants
With more than 330,000 members, the AICPA is the national professional organization for all Certified Public Accountants (CPAs). Its mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those areas where public reliance on CPA skills is most significant.
The AICPA is responsible for establishing and enforcing a code of professional conduct and auditing standards in the United States. It is also responsible for establishing and administering quality monitoring (or peer review) programs for CPA firms that perform auditing and accounting services.
Generally Accepted Accounting Principles (GAAP)
GAAP encompasses the conventions, rules, and procedures necessary to define accepted practice in the preparation of financial statements in the U.S. The SEC has the statutory authority to set accounting standards for publicly held companies but historically has relied, without abdicating its responsibilities, on private sector bodies to set those standards. The Financial Accounting Standards Board (FASB) is currently the private-sector body with the primary authority to establish GAAP for all companies.
Certified Public Accountant (CPA) – The CPA is an accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. All CPAs must pass the Uniform CPA Examination, which is created and graded by the AICPA. The AICPA recommends that a candidate have a university or college degree, and at least 150 semester hours of classes. Many states require some previous accounting... [continues]
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