For privately held companies who is responsible for establishing auditing standards?
A)Securities and Exchange Commission
B)Public Company Accounting Oversight Board
C)Auditing Standards Board
D)National Association of Accounting

Question

Quizplus · Accepted Answer

The Auditing Standards Board (ASB) is responsible for establishing auditing standards for privately held companies. The ASB operates under the umbrella of the American Institute of Certified Public Accountants (AICPA) and its standards are widely recognized by the accounting and auditing profession. The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) regulate auditing standards for publicly held companies. The National Association of Accounting is not a recognized regulatory body for auditing standards.

For Privately Held Companies Who Is Responsible for Establishing Auditing