Which private sector body was given the primary responsibility to determine detailed auditing standards?

Question

Quizplus · Accepted Answer

The primary responsibility to determine detailed auditing standards was given to the Public Company Accounting Oversight Board (PCAOB) by the Sarbanes-Oxley Act of 2002. The Financial Accounting Standards Board (FASB) is responsible for setting accounting standards, the Securities and Exchange Commission (SEC) oversees financial reporting by public companies, and the American Institute of Certified Public Accountants (AICPA) is a professional organization for CPAs.

Which Private Sector Body Was Given the Primary Responsibility to Determine