Which of the following organizations is responsible for setting auditing standards followed by public accounting firms in conducting independent audits of financial statements?
A)Financial Accounting Standards Board (FASB)
B)Securities and Exchange Commission (SEC)
C)Public Company Accounting Oversight Board (PCAOB)
D)International Accounting Standards Board (IASB)

Question

Quizplus · Accepted Answer

The Public Company Accounting Oversight Board (PCAOB) is responsible for setting auditing standards followed by public accounting firms in conducting independent audits of financial statements. The Financial Accounting Standards Board (FASB) sets accounting standards, the Securities and Exchange Commission (SEC) oversees financial reporting for publicly traded companies, and the International Accounting Standards Board (IASB) sets standards for companies operating in different countries.

Which of the Following Organizations Is Responsible for Setting Auditing