The Financial Accounting Standards Board has the sole responsibility for setting generally accepted auditing standards.

Question

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The Financial Accounting Standards Board (FASB) is responsible for setting generally accepted accounting principles (GAAP) in the United States. The Public Company Accounting Oversight Board (PCAOB) is responsible for setting the generally accepted auditing standards (GAAS) for public companies.

The Financial Accounting Standards Board Has the Sole Responsibility for Setting