Post-SOX, the accounting/auditing standards setting function has been relegated to:
A)The FASB alone.
B)The FASB and the PCAOB.
C)The AICPA.
D)The IASB.

Question

Quizplus · Accepted Answer

Post-SOX, the accounting/auditing standards setting function has been shared by both the FASB (Financial Accounting Standards Board) and the PCAOB (Public Company Accounting Oversight Board). The FASB develops and establishes accounting standards for non-publicly traded companies, while the PCAOB is responsible for establishing auditing and related standards for publicly traded companies.

Post-SOX, the Accounting/auditing Standards Setting Function Has Been Relegated To