The GASB:
A) Sets audit standards for auditors engaged in auditing not-for-profit entities.
B) Regulates state and local governments.
C) Set reporting standards for state and local government entities.
D) All of the above.

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) is a private not-for-profit organization that sets reporting standards for state and local government entities in the United States. It does not regulate state and local governments nor does it set audit standards for auditors engaged in auditing not-for-profit entities.