Professional and Regulatory Organizations

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The Answer is PCAOB is the primary governing regulatory body of auditors of public company financial statements. It was established by the Congress as a result of the Sarbanes-Oxley Act of 2002. It sets auditing standards for audits of public companies, requires registration of audit firms auditing public companies and performs quality reviews of registered firms.
AICPA With the establishment of the PCAOB, the role of the AICPA has diminished. Membership in the organization is voluntary. The AICPA establishes standards for other attestation services, accounting and review services, consulting and tax services. It organizes continuing education programs and administers the Uniform CPA Examination.
State Boards of Accountancy license CPAs and are charged with regulating the profession at the state level.
SEC has been granted authority to establish GAAP for publicly traded companies. Its primary mission is to protect the investing public; it has oversight of the PCAOB.
The GAO is responsible for setting forth auditing standards for governmental agencies.
The IIA is a voluntary organization that administers the Certified Internal Auditor program and issues standards for the practice of internal audit.

Professional and Regulatory Organizations

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Professional and Regulatory Organizations

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