Accounting Vs. Auditing

Question 0

In the USA, who issues auditing standards applicable to audit of private companies and other nonissuers?

Answer 0

Aicpa’s auditing standard board

Question 1

List some benefits of an audit to a private company

Answer 1

1. more favorable cost of capital
2. Insights into adequacy of internal control
3. Benchmark a entity’s performance with other similar entities.

Question 2

In the USA, who issue auditing standards applicable to audits of public companies?

Answer 2

PCAOB

Question 3

In the USA, who issues auditing standards applicable to audits of governmental entities?

Answer 3

GAO