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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 Exercises1Week 2 Textbook ExercisesACC491Contemporary Auditing IDate:1-23(Organizations associated with the public accounting profession)Several private andpublic sector organizations are associated with the profession. Listed below areactivitiespertaining to these organizations.1. License individuals to practice as CPAs.State Boards of Accountancy2. Promulgate GAAP.Accounting Standard-Setting Bodies3. Issue Statements on Auditing Standards.Accounting Standards Board of AICPA & PCAOB4. Regulate the distribution and trading of securities offered for public sale.Securities andExchange 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, FASB7. Impose mandatory continuing education as a requirement for renewal of license to practice asa CPA.State Board of Accountancy8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.U.S. Congress9. Issue auditing interpretations.Auditing Stadards Board--AICPA10. Cooperate withthe AICPA in areas of mutual interest such as continuing professionaleducation and ethics enforcement.State Societies of Certified Public Accountants11. Take punitive action against an independent auditor.SEC12. Establish accounting principles for state and local governmental entities.GASB13. Establish GAAS.AICPA14. Suspend or revoke a CPA’s license to practice.State Board of Accountancy

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Document Details

University
Grand Canyon University
Course
ACC 491
Subject
Accounting

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