The organization that has by federal law the responsibility to adopt auditing standards is the:
A)New York Stock Exchange.
B)Public Company Accounting Oversight Board.
C)Accounting Principles Board.
D)Financial Accounting Standards Board.
E)AICPA Committee on Accounting Procedure.

Question

Quizplus · Accepted Answer

The Public Company Accounting Oversight Board (PCAOB) was established by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies in order to protect the interests of investors and the public. As part of its responsibilities, the PCAOB has the authority to adopt auditing standards that auditors of public companies must follow.

The Organization That Has by Federal Law the Responsibility to Adopt