(a).
Introduction: Public Company Accounting Oversight Board (PCAOB) lays down the auditing and accounting standards which are to be followed by the public companies. It is a non-profit organization with an aim to safeguard the interests of various stakeholders; especially investors.
AICPA regulates accounting profession within the country and issues codes of professional conduct that are to be followed by the AICPA members.
To differentiate: The role of PCAOB and AICPA in setting audit standards.
(b).
Introduction: Public Company Accounting Oversight Board (PCAOB) lays down the auditing and accounting standards which are to be followed by the public companies. It is a non-profit organization with an aim to safeguard the interests of various stakeholders; especially investors.
AICPA regulates accounting profession within the country and issues codes of professional conduct that are to be followed by the AICPA members.
To differentiate: The role of PCAOB and AICPA in setting accounting standards.
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