Auditing Standards Board - ASB

AAA

DEFINITION of 'Auditing Standards Board - ASB'

The American Institute of Certified Public Accountants' (AICPA) senior technical committee for auditing, attestation and quality control. The Auditing Standards Board produce statements, standards and guidance to certified public accountants (CPAs) for non-public company audits. The Auditing Standards Board exists to service "the public interest by improving existing and enabling new audit and attestation services."

INVESTOPEDIA EXPLAINS 'Auditing Standards Board - ASB'

The Auditing Standards Board provides performance, reporting and quality control guidance as it pertains to audit and attest activities. The Auditing Standards Board is comprised of 19 members, including:

  • Five members from local, regional and national firms;


  • Five members nominated by the National Association of State Boards of Accountancy(NASBA);


  • Four members from the big four firms; and


  • Five users and public members.




RELATED TERMS
  1. Financial Accounting Foundation ...

    An independent, private-sector organization that is mainly responsible ...
  2. Financial Statements

    Records that outline the financial activities of a business, ...
  3. Government Accounting Standards ...

    An organization whose main purpose is to improve and create accounting ...
  4. Accounting

    The systematic and comprehensive recording of financial transactions ...
  5. Balance Sheet

    A financial statement that summarizes a company's assets, liabilities ...
  6. Certified Public Accountant - CPA

    A designation given by the American Institute of Certified Public ...
Related Articles
  1. 12 Things You Need To Know About Financial ...
    Investing Basics

    12 Things You Need To Know About Financial ...

  2. Evaluating The Board Of Directors
    Insurance

    Evaluating The Board Of Directors

  3. Standards And Ethics For Financial Professionals
    Professionals

    Standards And Ethics For Financial Professionals

  4. A Look At Accounting Careers
    Personal Finance

    A Look At Accounting Careers

comments powered by Disqus
Hot Definitions
  1. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  2. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  3. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  4. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  5. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
Trading Center