Regulation & Standard Setting in the Profession

The regulatory environment and standard-setting of the profession continue to change and evolve. This is partially due to the collapse of Enron and a light shed on aggressive accounting and auditing practices. But the environment also continues to change as the United States moves to remain competitive in its capital markets.

Projects in the Spotlight

• Department of the Treasury Advisory Committee on the Auditing Profession
• FASB Accounting Standards Codification™
• ASB Clarity Project

Recent News

Regulatory Quick Links

Accountancy Board of Ohio (ABO) Bureau of Workers' Compensation (BWC) Financial Accounting Standards Board (FASB) (Government Accountability Office (GAO) Governmental Accounting Standards Board (GASB)

National Association of State Boards of Accountancy (NASBA) Ohio Department of Taxation (ODT) Public Company Accounting Oversight Board (PCAOB) Securities and Exchange Commission (SEC)  Sarbanes-Oxley Act of 2002 (SOX)

AICPA

The American Institute of Certified Public Accountants (AICPA) is the national, professional association of CPAs, with more than 350,000 members, including CPAs in business and industry, public practice, government, education, student affiliates, and international associates. 

The AICPA is responsible for setting ethical standards for the profession and U.S. auditing standards for audits of private companies, federal, state and local governments, and non-profit organizations. They also develop and grade the Uniform CPA Examination.

AICPA Links & Quality Centers

AICPA Web site Antifraud Resource Center Audit Committee Effectiveness Center Center for Audit Quality Employee Benefit Plan Audit Quality Center

Financial Management Center Governmental Audit Quality Center PCPS Firm Practice Center Peer Review Professional Ethics / Code of Professional Conduct Tax Center

The Auditing Standards Board (ASB), the AICPA regulatory body that sets standards for private companies, has been working with the IAASB [International Auditing and Assurance Standards Board] – the international body that sets auditing standards. Both the ASB and the IAASB have undertaken a clarity process to make standards easier to understand and implement. The projects will better align the ASB’s standards with those of the IAASB.

The Public Company Accounting Oversight Board, created by the Sarbanes-Oxley Act of 2002, is a private-sector, non-profit corporation that oversees and sets standards for audits of public companies, in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. The primary mission of the SEC is to protect investors and maintain the integrity of the securities markets. In essence, the SEC regulates public companies and the PCAOB oversees the auditors of public companies.

The Financial Accounting Standards Board (FASB) establishes and improves standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. Likewise, the Governmental Accounting Standards Board (GASB) establishes standards of financial accounting and reporting for state and local governmental entities. The Financial Accounting Foundation (FAF), is the independent, private-sector organization responsible  for the oversight, administration, and finances of the FASB, GASB, and their advisory councils, the Financial Accounting Standards Advisory Council (FASAC) and the Governmental Accounting Standards Advisory Council (GASAC).

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