(Organizations associated with the public accounting profession) Several private

Question

(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.

2. Promulgate GAAP.

3. Issue Statements on Auditing Standards.

4. Regulate the distribution and trading of securities offered for public sale.

5. Establish its own code of professional ethics.

6. Issue Statements of Financial Accounting Standards.

7. Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA.

8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.

9. Issue auditing interpretations.

10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.

11. Take punitive action against an independent auditor.

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

13. Establish GAAS.

14. Suspend or revoke a CPA's license to practice.

15. Establish quality control standards.

16. Operate as proprietorships, partnerships, or professional corporations.

17. Issue government auditing standards.

18. Administer federal tax laws.

Required

Indicate the organization or organizations associated with each activity.

Explanation / Answer

1 State Boards of Accountancy

2 FASB and GASB

3 ASB & AICPA

4 SEC

5 AICPA, State Societies of CPAs, and State Boards of Accountancy

6 FASB

7 State Boards of Accountancy

8 SEC

9 AICPA

10 State Societies of CPAs

11 SEC, and State and Federal Courts

12 GASB

13 AICPA

14 State Board of Accountancy

15 AICPA

16 Practice Units

17 GAO

18 IRS

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