The Auditing and Assurance Standards Board (AUASB) has authority to establish generally accepted accounting principles (GAAP) for all business enterprises.

Question

Quizplus · Accepted Answer

The AUASB is responsible for developing auditing and assurance standards and guidance for auditors in Australia, not for establishing generally accepted accounting principles (GAAP), which are set by accounting standards boards such as the Australian Accounting Standards Board (AASB) in Australia.

The Auditing and Assurance Standards Board (AUASB) Has Authority to Establish