Answered: Discuss why we have a dual system of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards Committee-Statement on Auditing Standards and the PCAOB-Auditing Standards). Be certain to identify when each system used.

Expert Solution

Step 1

Introduction:

AICPA is a association for the certified public accountants (a professional members association), whereas PCAOB holds responsibility to monitor the accountants and activities of the accounting firm. Both organizations are focused on and related to the audit industry, where the auditing standards are to be followed by the companies during financial reporting.

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Law, Integrated, Performance and Other Audits

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions