Week 2 - Individual Assignment - David Trejo

Week 2 - Individual Assignment - David Trejo - GAAP SEC 9...

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Week 2, Individual Assignment – David Trejo Comprehensive Question 1-23 (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. State Board of Accountancy 2. Promulgate GAAP. FASB and GASB 3. Issue Statements on Auditing Standards. AICPA 4. Regulate the distribution and trading of securities offered for public sale. SEC 5. Establish its own code of professional ethics. AICPA, State Board of Accountancy, and State Societies of CPA’s 6. Issue Statements of Financial Accounting Standards. FASB 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
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Unformatted text preview: GAAP. SEC 9. Issue auditing interpretations. AICPA 10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement. State Societies of CPA’s 11. Take punitive action against an independent auditor. SEC, State and Federal Courts 12. Establish accounting principles for state and local governmental entities. GASB 13. Establish GAAS. AICPA 14. Suspend or revoke a CPA's license to practice. State Board of Accountancy 15. Establish quality control standards. AICPA AICPA 16. Operate as proprietorships, partnerships, or professional corporations. Practice Units (CPA Firms, like the Big Four) 17. Issue government auditing standards. GAO 18. Administer federal tax laws. IRS Required: Indicate the organization or organizations associated with each activity....
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Week 2 - Individual Assignment - David Trejo - GAAP SEC 9...

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