For the audit function, The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by theSarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest inthe preparation of informative, fair, and independent audit reports'.
For establishment of accounting standards and financial reporting: Since 1973, the Financial AccountingStandards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting and reporting.
For international accountingstandards, the International Accounting Standards Board (IASB)is an independent, privately-funded accounting standard-setter based in London, UK. The IASB is committed to developing, in thepublic interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purposefinancial statements
The government must follow the federal accounting standards. The standards improve the assessment of government's accountability and the effectiveness of theeconomic, political, and social consequences of the allocation and various uses of federal resources.
Another body is the Financial Accounting Standards Board: Their website states: "Themission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, includingissuers, auditors, and users of financial information." (http://www.fasb.org/). An organization complies with the standards of this body by following the standards of the FASB. ...
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