License Individuals to Practice as Cpas

Week Two Textbook Assignment

ACC 491

1. License individuals to practice as CPAs

1. State Boards of Accountancy

1. Promulgate GAAP

1. AICPA, FASH, GASB, SEC

1. Issue Statements on Auditing Standards

1. PCAOB, AICPA

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

1. SEC

1. Establish its own code of professional ethics

1. AICPA, PCAOB

1. Issues Statements of Financial Accounting Standards

1. SEC, FASB, GASB

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

1. State Boards of Accountancy

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

1. SEC

1. Issue auditing interpretations

1. Auditing Standards Board, PCAOB, FASB, GASB, AICPA

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

1. State societies of CPAs

1. Take punitive action against an independent auditor

1. SEC, State and Federal Courts

1. Establish accounting principles for state and local governmental entities

1. GASB, AICPA, FASB

1. Establish GAAS

1. AICPA

1. Suspend or revoke a CPAs license to practice

1. State Boards of Accountancy

1. Establish quality control standards

1. AICPA

1. Operate as proprietorships, partnerships, r professional corporations

1. Practice Units

1. Issue government auditing standards

1. U.S. General Accounting Office

1. Administer federal tax laws

1. Internal Revenue Service