(Answered) 1 does the pcaob actually follow the fasb standard setting

Accounting

1. Does the PCAOB actually follow the FASB standard setting procedure? ie. do they create standards?, or are all the standards created by FASB and approved by PCAOB? how do they work together?

Respond to following statements:

1. What is the AICPA's process for issuing a new standard?

2. How is an ICFR different from an audit of financial statements?

3. Is the new standard stating that the audit must also include an ICFR?

4. How does the AICPA relate to the PCAOB?

5. Which of the two organizations issue standards?

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