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1-23 Modern Auditing Boynton & Johnson, 8th Ed Essay

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# 1-23 Question from Modern Auditing Textbook
ACC/491
March 20, 2013


1-23 Question from Modern Auditing Textbook
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.

Required
Indicate the organization or organizations associated with each activity.

1. License individuals to practice as CPAs. State Board of Accountancy
2. Promulgate GAAP. Financial Accounting Standards Board, Governmental Accounting Standards Board, American Institute of Certified Public Accountants
3. Issue Statements on Auditing Standards.   American Institute of Certified Public Accountants
4. Regulate the distribution and trading of securities offered for public sale.   Securities Exchange Commission
5. Establish its’ own code of professional ethics. State Board of Accountancy, American Institute of Public Certified Accountants
6. Issue Statements of Financial Accounting Standards. Financial Accounting Standards Board
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. Securities Exchange Commission
9. Issue auditing interpretations.   American Institute of Certified Public Accountants
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.   Internal Revenue Service
12. Establish accounting principles for state and local governmental entities.   Financial Accounting Standards Board, Governmental Accounting Standards Board
13. Establish GAAS.   American Institute of Certified Public Accountants
14. Suspend or revoke a CPA’s license to practice. State Board of Accountancy...

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