Which of the following statements is not true with respect to the responsibility for establishing generally accepted auditing standards?
A. The PCAOB issues auditing standards for the audit of public entities subject to SEC approval.
B. Standards issued by the Auditing Standards Board after 2003 apply to the audits of both public and private entities.
C. If not superseded by the PCAOB, Statements on Auditing Standards issued prior to 2003 are applicable to the audit of public entities.
D. Prior to the Sarbanes-Oxley Act, the Auditing Standards Board issued auditing standards for the audits of both public and private entities.
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