The public accounting profession consists of five professional and governmental organizations: (1) the AICPA, (2) state associations of CPAs, (3) the FASB, (4) state boards of accountancy, and (5) the SEC. The following are activities that are associated with the public accounting profession:

i. Licensing individuals to practice as CPAs.

2. Promulgating GAAP.

3. Issuing Statements on Auditing Standards.

4. Regulating the distribution and trading of securities offered for public sale.

5. Establishing its own code of professional ethics.

6 . Issuing Statements on Accounting Standards.

7. Imposing mandatory continuing education as a requirement for renewal of license to practice as a CPA.

8. Issuing disclosure requirements for companies under its jurisdiction that may exceed GAAP.

9. Issuing auditing interpretations.

10. Cooperating with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.

Required:

a. Indicate the organization(s) associated with each activity.

b. Identify the divisions of the AICPA that directly affect the independent auditor.