ACC 491 Contemporary Auditing I Week 2 Textbook Exercises
An assignment involving textbook exercises to apply the principles learned in Contemporary Auditing I.
Ethan Wilson
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Week 2 Textbook Exercises 1
Week 2 Textbook Exercises
ACC 491 Contemporary Auditing I
Date:
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. State Boards of Accountancy
2. Promulgate GAAP. Accounting Standard-Setting Bodies
3. Issue Statements on Auditing Standards. Accounting Standards Board of AICPA & PCAOB
4. Regulate the distribution and trading of securities offered for public sale. Securities and
Exchange Commission (SEC)
5. Establish its own code of professional ethics. The AICPA’s Code of Professional Conduct &
PCAOB established ethics for auditors of publicly traded companies.
6. Issue Statements of Financial Accounting Standards. GABB, FASB
7. Impose mandatory continuing education as a requirement for renewal of license to practice as
a CPA. State Board of Accountancy
8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.
U.S. Congress
9. Issue auditing interpretations. Auditing Stadards Board--AICPA
10. Cooperate with the AICPA in areas of mutual interest such as continuing professional
education and ethics enforcement. State Societies of Certified Public Accountants
11. Take punitive action against an independent auditor. SEC
12. Establish accounting principles for state and local governmental entities. GASB
13. Establish GAAS. AICPA
14. Suspend or revoke a CPA’s license to practice. State Board of Accountancy
Week 2 Textbook Exercises
ACC 491 Contemporary Auditing I
Date:
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. State Boards of Accountancy
2. Promulgate GAAP. Accounting Standard-Setting Bodies
3. Issue Statements on Auditing Standards. Accounting Standards Board of AICPA & PCAOB
4. Regulate the distribution and trading of securities offered for public sale. Securities and
Exchange Commission (SEC)
5. Establish its own code of professional ethics. The AICPA’s Code of Professional Conduct &
PCAOB established ethics for auditors of publicly traded companies.
6. Issue Statements of Financial Accounting Standards. GABB, FASB
7. Impose mandatory continuing education as a requirement for renewal of license to practice as
a CPA. State Board of Accountancy
8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.
U.S. Congress
9. Issue auditing interpretations. Auditing Stadards Board--AICPA
10. Cooperate with the AICPA in areas of mutual interest such as continuing professional
education and ethics enforcement. State Societies of Certified Public Accountants
11. Take punitive action against an independent auditor. SEC
12. Establish accounting principles for state and local governmental entities. GASB
13. Establish GAAS. AICPA
14. Suspend or revoke a CPA’s license to practice. State Board of Accountancy
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University
Grand Canyon University
Subject
Accounting