The authoritative body designated to promulgate standards concerning an accountant's association with unaudited financial statements of an entity that is not required to file financial statements with an agency regulating the issuance of the entity's securities is the:

Question

Quizplus · Accepted Answer

Choice "C" is correct. The accounting and review services committee is the authoritative body designated to promulgate standards concerning an accountant's association with unaudited financial statements of a nonissuer (i.e., an entity that is not required to file financial statements with an agency regulating the issuance of the entity's securities). Choice "A" is incorrect. The Financial Accounting Standards Board (FASB) is responsible for GAAP standards. Choice "B" is incorrect. The General Accounting Office (GAO) is responsible for audit standards under the federal "Single Audit Act." Choice "D" is incorrect. The Auditing Standards Board (ASB) is responsible for auditing standards under GAAS.

The Authoritative Body Designated to Promulgate Standards Concerning an Accountant's