week 1 ACC 490 HW - 1-231. License individuals to practice...

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Unformatted text preview: 1-231. 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 to 1-231.State Boards of Accountancy2.GASB and the FASB 3.AICPA4.SEC5.AICPA, State Boards of Accountancy, and the State Societies of CPAs 6.FASB 7.State Boards of Accountancy 8.SEC 9.AICPA 10. State Societies of CPAs 11. State and Federal Courts and the SEC 11....
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.

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week 1 ACC 490 HW - 1-231. License individuals to practice...

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