Question

Describe the organizations involved in standard setting for auditors in the United States and what their respective roles are in setting current auditing standards for companies in the United States.

Answer 1

The AICPA (American Institute of Certified Public Accountants) is the organizationthat certifies accountants and make sure they have the requirements to performtheir job in the best way possible for Operational Audit- A future-oriented, systematic, and independent evaluation oforganizational activities.

--their respective roles are as fallows....

Overseeing the financial reporting and disclosure process. Monitoring choice of accounting policies and principles. Overseeing hiring, performance and independence of the external auditors. Oversight of regulatory compliance, ethics, and whistleblower hotlines.

• Ensures compliance with established internal control procedures by examining records, reports, operating practices, and documentation.
• Verifies assets and liabilities by comparing items to documentation.
• Completes audit workpapers by documenting audit tests and findings.
• Inspecting financial statements to catch errors, misstatements and fraud. Performing audits on systems, operations and accounts. Reporting auditfindings and recommending improvements.
• The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively. ... Typically this is the board of directors or the board of trustees, the accounting officer or the audit committee.