Which of the following is a five-member body that has the authority from Congress to set standards for conducting audits?
A)FASB
B)SEC
C)PCAOB
D)AICPA

Question

Quizplus · Accepted Answer

The Public Company Accounting Oversight Board (PCAOB) is a five-member body created by the Sarbanes-Oxley Act of 2002, with the authority from Congress to set standards for conducting audits of public companies. FASB (Financial Accounting Standards Board) is responsible for setting accounting standards for private and public companies, while the SEC (Securities and Exchange Commission) oversees and enforces securities laws and regulations. AICPA (American Institute of Certified Public Accountants) is a professional organization for accountants and does not have the authority to set auditing standards.

Which of the Following Is a Five-Member Body That Has