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ACC 491 Contemporary Auditing I Week 2 Textbook Exercises

Accounting
Grand Canyon University
2 pages
Shared May 2025

An assignment involving textbook exercises to apply the principles learned in Contemporary Auditing I.

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Week 2 Textbook Exercises 1 Week 2 Textbook Exercises ACC 491 Contemporary Auditing I Date: 1 - 23 (Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs. State Boards of Accountancy 2. Promulgate GAAP. Accounting Standard - Setting Bodies 3. Issue Statements on Auditing Standards. Accounting Standards Board of AICPA & PCAOB 4. Regulate the distribution and trading of securities offered for public sale. Securities and Exchange Commission (SEC) 5. Establish its own code of professional ethics. The AICPA’s Code of Professional Conduct & PCAOB established ethics for auditors of publicly traded companies. 6. Issue Statements of Financial Accounting Standards. GABB, FASB 7. Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA. State Board of Accountancy 8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP. U.S. Congress 9. Issue auditing interpretations. Auditing Stadards Board -- AICPA 10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement. State Societies of Certified Public Accountants 11. Take punitive action against an independent auditor. S EC 12. Establish accounting principles for state and local governmental entities. GASB 13. Establish GAAS. AICPA 14. Suspend or revoke a CPA’s license to practice. State Board of Accountancy
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