What is the difference between an issuer and a nonissuer?
Issuers are public companies that must file their financial statements with the SEC, and they are subject to auditing standards set forth by the Public Company Accounting Oversight Board (PCAOB).
Nonissuers are private companies (nonpublic) and they are subject to Statement on Auditing Standards (SAS), which are set forth by the AICPA.
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What is the AICPA?
AICPA stands for “American Institute of Certified Public Accountants”. The American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States. According to the AICPA website, there are more than 418,000 members in 143 countries. The AICPA develops standards for audits of private companies and other services […]