For privately held companies who of the following is responsible for establishing auditing standards?

Question

Quizplus · Accepted Answer

The Auditing Standards Board (ASB) is responsible for establishing auditing standards for privately held companies. The Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) primarily oversee auditing standards for publicly held companies. The National Association of Accounting is a professional organization but does not have the authority to establish auditing standards.

For Privately Held Companies Who of the Following Is Responsible