Auditing and Assurance Services 1 Identify 3 standardsetting

Auditing and Assurance Services:

1. Identify 3 standard-setting Organizations and describe their roles/functions.

Solution

Three standard-setting Organizations in Auditing and Assurance Services:

1.The standard board (ASB) of the American Institute of Certified Public Accountants\' (AICPA) senior technical committee for auditing,

2.The public company accounting oversight board (PCAOB)

3.International Auditing and Assurance Standards Board (IAASB) of International federation of accountants (IFA).

The American Institute of Certified Public Accountants\' (AICPA) senior technical committee for auditing, attestation and quality control. The Auditing Standards Board produce statements, standards and guidance to certified public accountants (CPAs) for non-public company audits. The Auditing Standards Board exists to service \"the public interest by improving existing and enabling new audit and attestation services.\"


The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing,quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession.

The IAASB’s medium-term strategy addresses the following three main themes in the public interest: