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This Committee is considered the antecessor of the Auditing Standards Board, and was the first to issue Statements on auditing standards and principles to the public accounting community. [8] In 1941 it issued a pamphlet titled Statements on Auditing Procedure , which discussed the auditor’s responsibility in applying judgment in audits.
It was a committee run by the American Institute of Accountants (now known as the American Institute of Certified Public Accountants). [1] CAP is the predecessor of the Accounting Principles Board, itself a predecessor to the Financial Accounting Standards Board. Its formation and activities were early efforts to rationalize and legitimize the ...
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. [3]
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
The Trueblood Committee was a study group formed by the American Institute of Certified Public Accountants (AICPA) in 1972 to develop the Objective of Financial Statements. The committee's goal was to help accountants create financial statements that provided external users with sufficient information to make educated decisions about the ...
The National Association of State Boards of Accountancy (NASBA) is an association dedicated to serving the 56 state boards of accountancy.These are the boards that regulate the accountancy profession in the United States of America.
Realizing the need to reform the APB, leaders in the accounting profession appointed a Study Group on the Establishment of Accounting Principles (commonly known as the Wheat Committee for its chairman Francis Wheat). This group determined that the APB must be dissolved and a new standard-setting structure created.