PCAOB vs. AICPA Auditing Standards

[@annlee1175]

Thank you for uploading these videos for auditing. It is easier for me to understand the concepts now. :)

[@cascam1]

Expanding on the "divergence issue", even if a client calls a CPA asking him to conduct the next audit of their F/S in accordance with PCAOB standards "only", stating that he entered into a contractual agreement that requires an audit conducted under higher PCAOB standards, IF the client's entity is not an issuer (as defined by the U.S. SEC), or a broker or dealer registered with the SEC, the audit is not within the jurisdiction of the PCAOB. Here, the CPA cannot perform the audit because the engagement is not within the JX of the PCAOB. Instead the CPA is required to conduct the audit in accordance with GAAS. The CPA may conduct the audit in accordance with PCAOB standards (and with GAAS) but cannot conduct that audit [only] in accordance with PCAOB standards. In fact, even if a regulator (other than the PCAOB) like the CFTC require that the audit be conducted in accordance with PCAOB standards, that does not make the audit fall within the JX of the PCAOB.

[@mayan5600]

I've just watched your video on gross sales and net sales. I love the way you teach. You got a new subscriber(student). Keep on spreading the knowledge.

[@Edspira]

Thanks for watching, and good luck with your studies!

[@tamakistiles691]

I love these videos because they are easy to understand with some stories behind!

[@lunarleen]

Thanks for the introduction. The US Securities and Exchange Commission (SEC) established the Public Company Accounting Oversight Board (PCAOB), while the regulatory functions of the CPA profession formerly exercised by the AICPA were transferred to the more public PCAOB. The PCAOB is made up of five people who report directly to the SEC but are not part of its staff. In order to eliminate the influence of CPA firms, the operating expenses of the committee are no longer borne by CPA firms but shared by listed companies. The SEC authorized the committee to establish audit standards, accounting firm registration authority, daily supervision authority, investigation and punishment authority. Check and resolve accounting treatment differences between listed companies and accountants.

[@fekrabusinesssolutions]

There's always an answer in this channel, very recommended

[@rayboletti]

Thank you so much for these auditing videos! They helped tremendously! :)

[@Edspira]

I'm so glad to hear that!

[@tayfunguler5737]

amazing and helpful content, thank you

[@idontknow-ms8mc]

What was the aicpa doing prior to the scandal in 1938?

[@MyFinancialFocus]

Auditors setting standards for auditors setting standards for businesses.

[@yuanyuan4505]

So Pcaob is for public companies after S-O Acts?

[@Jessiemats]

Thank you!

[@ChazUBCS]

How long do these audits take?

[@ariah5093]

Thanks!

[@markprius8203]

I am very confused distingushing the difference between GAAS, SAS, and PCAOB standards. Specifically in how they get listed in auditors reports. I noticed that in the auditors reports, for non-issuers the auditor calls them GAAS and for issuers just pcaob standards, can you help me clarify how GAAS relates to SAS and how GAAS relates to PCAOB standards. I just got thrown off by how the report for non-issuers calls them GAAS instead of SAS. It would be of great help

[@SARVESHKUMAR-tf5jb]

This is very helpful. Thank you

[@Mohamm668]

يزم انا خريج مدرسه حكوميه عربي مش عارف الله يسامحك دكتور مصطفى عثامنه اخخخخ المشكله فيش ترجمه

[@江妤莉]

thanks! i got finals in 2 days