What are the different setting standard bodies to know for the Audit section of the CPA exam?
The Audit section of the CPA exam will test your understanding of the guidelines (rules), standard setting body, and applicability of each engagement type. The visual below lists out the details for each engagement type:
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What is the difference between an issuer and a nonissuer?
When conducting audit, auditors will either be performing their engagement on issuers or nonissuers. Issuers are defined by the Securities and Exchange Commission (SEC) as entities that must file or register their financial statements with the SEC. In addition, audit engagements of issuers must follow standards stated by the Public Company Accounting Oversight Board (PCAOB). Whereas nonissuers are defined...
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What are the professional standard setting entities that regulate financial reporting?
The visual below outlines the professional standard setting entities for “for-profit” companies, “not-for-profit” entities, and government entities.
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What are the main professional standard setting bodies for accounting and financial statements?
If the entity is for profit or a non-for-profit, then the Financial Accounting Standards Board (FASB) determines the rules. If the entity is governmental, then the Government Accounting Standards Board (GASB) determines the rules.
What is the difference between an issuer and a nonissuer?
When conducting audit, auditors will either be performing their engagement on issuers or nonissuers. Issuers are defined by the Securities and Exchange Commission (SEC) as entities that must file or register their financial statements with the SEC. In addition, audit engagements of issuers must follow standards stated by the Public Company Accounting Oversight Board (PCAOB). Whereas nonissuers are defined...
What are the professional standard setting entities that regulate financial reporting?
The visual below outlines the professional standard setting entities for “for-profit” companies, “not-for-profit” entities, and government entities.
What are the main professional standard setting bodies for accounting and financial statements?
If the entity is for profit or a non-for-profit, then the Financial Accounting Standards Board (FASB) determines the rules. If the entity is governmental, then the Government Accounting Standards Board (GASB) determines the rules.
