1. Match the following organizations to their descriptions.

____ FASB

____ PCAOB

____ SEC

____ EITF

____ ASB

a. Sets auditing standards for auditors of publicly traded companies

b. Sets U.S. Generally Accepted Accounting Principles

c. Helps apply U.S. Generally Accepted Accounting Principles to new situations

d. Sets auditing standards for auditors of private companies

e. Created by the Securities Exchange Act of 1934 to protect investors

2. In an unqualified audit report, the first three paragraphs are the introductory paragraph, scope paragraph, and opinion paragraph. Describe the purpose of each and list several items included in each.

3. Explain the difference between the work of the PCAOB and the ASB.

4. Explain the difference between the work of the EITF and FASB.

5. Provide a short description of the role that each of the following plays in the financial reporting process.

FASB

Big Four

Unqualified audit opinion

EDGAR

Internal control