The American Institute of Certified Public Accountants no longer retains the right to set audit standards for any engagements as the Securities Exchange Commission has relinquished such power.

Question

Quizplus · Accepted Answer

The American Institute of Certified Public Accountants (AICPA) still sets audit standards for non-public company engagements, while the Public Company Accounting Oversight Board (PCAOB), overseen by the SEC, sets standards for public companies.

The American Institute of Certified Public Accountants No Longer Retains