Auditing Standards Board – Definition

Cite this article as:"Auditing Standards Board – Definition," in The Business Professor, updated May 1, 2019, last accessed October 20, 2020,


Auditing Standards Board Definition

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.

A Little More on What is the Auditing Standards Board

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.

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