• Related Information
• Regulations & Guidance
• AICPA Standards
• International Standards
• Legislation

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• Audit Expectations Gap

Regulations & Guidance

RELEVANT LEGISLATION & GOVERNING BODIES

Sarbanes-Oxley – Among other things, in Sarbanes-Oxley the US Government granted the SEC authority over the Public Company Accounting Oversight Board (PCAOB) with authority to govern the financial reporting standards and auditing standards for all US public companies.

SEC – Granted authority through Sarbanes-Oxley over the PCAOB and it is presumed that the SEC will adopt language requiring all publicly listed companies to present their financial statements in accordance with the PCAOB’s standards.

PCAOB (Public Company Accounting Oversight Board) – As of the PCAOB’s November 12, 2003 board meeting, the interim procedures for performing an audit of a public company are adopted from the American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB).

GASB – Currently uses the AICPA’s ASB standards as the base of its Yellow Book audits and has not issued a definitive determination as to the direction it will take with regard to the PCAOB standards.

AICPA and ASB – Moving forward in continuing to develop auditing standards for non-issuers of financial statements.

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