Question 1
Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit
◦ both private and public companies.
◦ public companies only.
◦ private companies, public companies, and nonprofit entities.
◦ private companies only.
Question 2
The International Standards on Auditing (ISA)
◦ are issued by the AICPA.
◦ override a country's regulations governing the audit of a company.
◦ has many of the same standards as the Auditing Standards Board (ASB).
◦ must be followed by companies whose stock is traded in the U.S.