- Discuss, in detail, the difference between AICPA and PCAOB
PCAOB (Public Company Accounting Oversight Board)
The Public Company Accounting Oversight Board (PCAOB) is a Congressionally-established nonprofit that assesses audits of public companies in the United States to protect investors' interests.
Objective of PCAOB is-
The PCAOB mission statement "is to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection."
The PCAOB has authority to investigate and discipline registered public accounting firms and persons associated with those firms for noncompliance with Sarbanes-Oxley, Securities and Exchange Commission (SEC) regulations and other standards governing audits of public companies, brokers and dealers. The PCAOB has investigative authority to address serious audit deficiencies at registered firmsand has disciplinary authority to impose sanctions and penalties for those deficiencies.
The following are the PCAOB rules-
Under the Sarbanes-Oxley Act, the PCAOB is designated to establish auditing and related professional practice standards for registered public accounting firms to follow in the preparation and issuance of audit reports. These PCAOB rules and standards include the following:
PCAOB standards for auditing
Ethics and independence rules
Quality control standards
Attestation standards.
The AICPA
AICPA (American Institute of Certified Public Accountants) is the association that develops and scores the Uniform Certified Public Accountants examination. Individuals seeking to qualify for public accountant certification in the United States are required to pass the CPA Examination.
The AICPA was founded in 1887 and represents certified public accountants with regards to the profession's rule-making and standard-setting. The organization serves as an advocate before legislative bodies, public interest groups and other professional organizations, provides educational guidance materials to its members and monitors and enforces member compliance with certified public accountants' technical and ethical standards.
Describe a) what you believe to be the most important COSO component; and b)why. (If for some reason your mind has taken a nap, see question #2 which identifies all 5). Accountants utilize the body of knowledge called GAAP in the performance of their duties partly to ensure comparability and consistency in the preparation of accounting records / financial statements. Auditors on the other hand perform their responsibilities following GAAS as defined within the AICPA SASs or PCAOB Auditing Standards. What does this...
What is accounting What is auditing What is attestation The roles SEC, PCAOB, AICPA and ASB The differences between operational audit, compliance audit, financial statements audit The difference between information and business risk The AICPA principles and their subcategories What are the SASs and their purpose The difference between S-1, 8-K, 10-K, and 10-Q If an auditor of a public company cannot find guidance issued by the PCAOB, where should (s)he look for guidance Possible organizational structures for CPA firms...
What is the role of the PCAOB, SEC, and AICPA in auditing?
The Clarity Project is an initiative of the PCAOB to clarify the links between the standards of the PCAOB and the AICPA. True False
What is the difference between test of controls and substantive test? What is the difference between audit risk and risk of material misstatement? What is the difference between a controls reliance audit and a substantive audit? What is the purpose of COSO? What is the role of the PCAOB, SEC, and AICPA?
please discuss and explain in detail Is there a difference between education and training? How does an organization determine if learning has occurred?
Explain the difference between long range planning and strategic planning. Discuss in detail what the pros and cons are of each.
Discuss in detail what the difference between a leader and a manager. Give at least 3 examples of problems and organization- perhaps an organization you had worked in or are working in now- Where a leader is needed to solve the problem rather than a manager and explain "why" the "leader" is called for in such a situation
Based on your readings assignment for week 4 discuss the similarities and differences between the AICPA code of conduct and IFAC code of conduct.
Compare and contrast GAAP and GAAS. Name the following organizations and discuss the role that each play in GAAP and GAAS: FASB, SEC, PCAOB, AICPA.