$1.$ Conducts inspections of firms that audit issuers.

$2.$ Pronouncements may be used in the audit of nonissuers.

$3.$ Pronouncements may be used in the audit of issuers.

$4.$ Was created by the Sarbanes$$Oxley Act of $2002.$

$5.$ Involved with the certification and licensure of public accountants.

$6.$ Issues Statements on Auditing Standards.

$7.$ Conducts peer reviews of firms that audit nonissuers.

$8.$ Sanctions individual auditors for violations of generally accepted auditing standards.