AICPA SAS 46 114 PCAOB AS 14 Paper
Statement of Auditing Standards No.’s 46 & 114, and Auditing Standard No. 14
Acct 549.B01 Contemporary Assurance and Audit Services
June 24, 2014
Introduction
The Public Company Accounting Oversight Board (also known as the PCAOB) is a private- sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002. The PCAOB was established to oversee accounting professionals who provide independent audit reports for publicly traded companies. ‘PCAOB is responsible for registering public accounting firms; establishing auditing, quality control, ethics, independence, and other standards relating to public company audits.’ Conducting inspections, investigations, and disciplinary proceedings of registered accounting firms; and enforcing compliance with Sarbanes-Oxley. “When Congress created the PCAOB, it gave the SEC the authority to oversee the PCAOB's operations, to appoint or remove members, to approve the PCAOB's budget and rules, and to entertain appeals of
PCAOB inspection reports and disciplinary actions.” The America Institute of Certified Public Accountants (also known as the AICPA) is a voluntary national organization of more than 370,000 members in 128 countries and has more than a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. There are four major areas of the AICPA work that are of particular interest to student of auditing. They are establishing standards and rules to guide CPA’s in their conduct of professional services, carrying on a program of research and publications, promoting continuing professional education and contributing to the professions self-regulation.
Acct 549.B01 Contemporary Assurance and Audit Services
June 24, 2014
Introduction
The Public Company Accounting Oversight Board (also known as the PCAOB) is a private- sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002. The PCAOB was established to oversee accounting professionals who provide independent audit reports for publicly traded companies. ‘PCAOB is responsible for registering public accounting firms; establishing auditing, quality control, ethics, independence, and other standards relating to public company audits.’ Conducting inspections, investigations, and disciplinary proceedings of registered accounting firms; and enforcing compliance with Sarbanes-Oxley. “When Congress created the PCAOB, it gave the SEC the authority to oversee the PCAOB's operations, to appoint or remove members, to approve the PCAOB's budget and rules, and to entertain appeals of
PCAOB inspection reports and disciplinary actions.” The America Institute of Certified Public Accountants (also known as the AICPA) is a voluntary national organization of more than 370,000 members in 128 countries and has more than a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. There are four major areas of the AICPA work that are of particular interest to student of auditing. They are establishing standards and rules to guide CPA’s in their conduct of professional services, carrying on a program of research and publications, promoting continuing professional education and contributing to the professions self-regulation.