Question

DIRECTIONS: Respond to the question in complete sentences representative of a college student, particularly a COBA college student. You should be able to answer the question in at least a minimum of half a page single-spaced in the box below. Do not change margins nor font size. Name at least three U.S. bodies that relate to auditing in the United States and explain their primary functions. In addition, what does it take to become a CPA in the United Statesinclude the three "E's" plus a fourth "E" which relates to Aspirational Values on Blackboard under Assignments. Do more than use general terms; you need to be specific. Respond Here:

Answer 1

The three U.S. bodies that relate to auditing in U.S. are:-

• Financial Accounting Standard Board( FASB)
• Governmental Accounting Standard Board (GASB)
• Federal Accounting Standard Advisory Board ( FASAB)

The primary function of FASB is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards.

The primary function of GASB is to establish standards of state and local governmental accounting and financial reporting, the outcome of which will be useful information for the users of financial reports and guide and educate public involving issuers, auditors and users of those financial reports .

The primary function of FASAB is to improve federal financial reporting through issuing federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information.

The "E"s to become a CPA are :-

• Ethics
• Experience
• Education
• Examination