Auditing Standards Board - Explained
What is the Auditing Standards Board?
Written by Jason Gordon
Updated at April 7th, 2022
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
What is the Auditing Standards Board?
The Auditing Standards Board (ASB) is saddled with the responsibility of communicating audit standards that practitioners are expected to live by. ASB is a senior committee member of the American Institute of Certified Public Accountants (AICPA). This board serves public interest through auditing, attestation, and quality control of practitioners. ASB also sets auditing, Attestation and Quality Control Standards that are applicable to the performance of the accounting industry. Aside from setting standards and giving guidance to certified public accountants for non-public company audits, ASB also issue audit and attestation reports to practitioners.
What does the Auditing Standards Board Do?
The Auditing Standards Board consists of 20 committee members. The board has the role of making the Generally Accepted Auditing Standards, or GAAS easily comprehensible and applicable for accounting practitioners. ABS was the authoritative body for GAAS that was designated for non-public companies. The following is a highlight of roles performed by the Auditing Standard Boards;
- ASB formally declares Statements on Standards for Attestation Engagement (SSAE).
- Explicitly draft accounting conventions and standards for practitioners.
- Promulgates Statements on Auditing Standards (SAS)
- Codification of statements of auditing standards.
While ASB was designed for non-public companies, Public Company Accounting Oversight Board (PCAOB) and the Securities Exchange Commission (SEC) were in charge of Public accounting companies.
