The Auditing Standards Board, the Public Company Accounting Oversight Board, and the International Auditing and Assurance Standards Board are all auditing standardsetters and they have issued multiple sets of auditing standards.
Please discuss the following:
1. Objectives of these boards.
2. Compositions of these boards.
3. Characteristics of each set of standards.
4. Advantages and disadvantages of having several standard setters and several sets of standards.
5. Discuss some differences between the International Auditing Standards and the U.S. GAAS.
6. Which set of standards do you think should be the base for education purposes, and why.
Your report should not exceed, or be significantly less than, 2 pages. List your references on an additional page. Use the following format: 12point Times New Roman font, single-spaced, one-inch margin all around, and justified-justification. The correct spelling, grammar, and punctuation, will be taken into consideration. Write your report in paragraphs; do not use bullets or numbers. Please submit your report with a cover page with your name and project title, and do not write your name anywhere on the report itself. Please notice that:
• Three points will be deducted for every writing error.
• Points will be deducted if the report is significantly short.
• Reference to the source of the information you include in your report is required.
• Email me your report by the midnight of 3/26/2016. Absolutely no late reports will be accepted.