Week 2 Individual Assignment
Audrey Grunewald
ACC 491
August 3, 2015
Ding Hardin
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.
Answers
1. State boards of accountantcy
2. American Institute of Certified Public Accountants (AICPA), FASB ,GASB, and Securities and Exchange Commission (SEC)
3. Public Company Accounting Oversight Board (PCAOB) and AICPA
4. SEC
5. AICPA and PCAOB
6. SEC, FASB and GASB
7. State Board of Accountancy
8. GAAP and SEC
9. Auditing Standards Board, PCAOB, FASB, GASB and AICPA
10. State Societies of Certified Public Accountants
11. SEC and State and Federal courts
12. GASB, AICPA and FASB
13. AICPA
14. State Board of Accountancy
15. AICPA
16. Practice units (CPA firms)
17. U.S. General Accounting Office (GAO)
18. Internal Revenue Service (IRS)