Before the creation of the PCAOB,the auditing standards of the Auditing Standards Board were used to audit all companies.Which statement best describes the PCAOB and auditing standards?
A)In 2003,the PCAOB adopted certain auditing standards of the ASB as interim standards
B)In 2003,the PCAOB developed over 100 new auditing standards
C)In 2003,the PCAOB developed audit standards to audit all companies,private and public
D)In 2003,the PCAOB adopted all the standards of the AICPA to save time in the development of new standards

Question

Quizplus · Accepted Answer

Before the creation of the PCAOB, the auditing standards of the Auditing Standards Board were used to audit all companies. In 2003, the PCAOB adopted certain auditing standards of the ASB as interim standards. However, the PCAOB has also developed its own auditing standards over time, which are used for auditing public companies.

Before the Creation of the PCAOB,the Auditing Standards of the Auditing