PCAOB vs. AICPA Auditing Standards

There are two sets of auditing standards in the United States: those issued by the AICPA and those issued by the PCAOB. The AICPA issues Statements on Auditing Standards (SASs) which were initially the only set of auditing standards in the U.S. A wave of audit failures in 2002, however, led to the creation of the PCAOB, which initially adopted the AICPA audit standards as interim standards but now issues its own auditing standards that pertain strictly to audits of public companies. The auditing standards issued by the AICPA continue to apply to audits of private companies.
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