Acronyms

Question 1

GAAP

Answer 1

Generally Accepted Accounting Principles

Question 2

IFRS

Answer 2

International Financial Reporting Standards

Question 3

COSO

Answer 3

Committee of Sponsoring Organizations: Oversees internal control – integrated framework.

Question 4

AICPA

Answer 4

American Institute of Certified Public Accountant

Question 5

SEC

Answer 5

Securities and Exchange Commission

Question 6

PCAOB

Answer 6

Public Company Accounting Oversight Board

Question 7

ASB

Answer 7

Auditing Standards Board: Authority by AICPA

Question 8

FASB

Answer 8

Financial Accounting Standards Board: Oversees GAAP

Question 9

ISA

Answer 9

International Standards on Auditing

Question 10

IAASB

Answer 10

International Auditing and Assurance Standards Board

Question 11

GAAS

Answer 11

Generally Accepted Auditing Standard: Authority by ASB of AICPA