Acc 491 Textbook Assignment Week 2

Text Book Assignment Week 2

ACC/491

Text Book Assignment Week 2

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. The licensing authority and requirements for CPAs falls under the jurisdiction of the Board of Accountancy for the state, district, or country in which a CPA practices. The national organization representing the state boards is the National Association of State Boards of Accountancy (NASBA). 2. Promulgate GAAP.The Financial Accounting Standards Advisory Board promulgates the GAAP 3. Issue Statements on Auditing Standards.AICPA Auditing Standards Board 4. Regulate the distribution and trading of securities offered for public sale.Securities Exchange Commission 5. Establish its own code of professional ethics.International Ethics Standards Board for Accountants (“IESBA”), an independent standard-setting body within the International Federation of Accountants (IFAC). 6. Issue Statements of Financial Accounting Standards.The Financial Accounting Standards Board 7. Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA.American institute of CPA’s 8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.Public Company Accounting Oversight Board (PCAOB) 9. Issue auditing interpretations.An interpretive publication is issued under the authority of the AICPA Auditing Standards Board (ASB 10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.National Association of State Boards of Accountancy (NASBA). 11. Take punitive action against an independent auditor.The SEC and the PCAOB 12. Establish accounting principles for state and local governmental entities.The Government...