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Acc 491

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Ch.1: Comprehensive Questions: 1-23
ACC 491
Lisa Lankford
February 16, 2015
Alisa Dumond

Ch.1: Comprehensive Questions: 1-23 1. License individuals to practice as CPAs.

State Board of Accountancy

2. Promulgate GAAP.

Financial Accounting Standards Board
Government Accounting Standards Board
Federal Accounting Standards Advisory Board

3. Issue Statements on Auditing Standards.

AICPA

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 Certified Public Accountants
International Federation of 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.

AICPA Auditing Standards Board

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.

Securities and Exchange Commission
Supreme State Audit

12. Establish accounting principles for state and local governmental entities.

Governmental Accounting Standards Board
American Institute of Certified Public Accountants
Financial 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

15. Establish quality control standards....

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