5-2 LO 1 The PCAOB has the authority to set auditing standards for all audits of public companies registered in the United States. The AICPA continues to set auditing standards for nonpublic companies through its Auditing Standards Board (ASB). a. What are the pros and cons of having the same audit standards for both public and nonpublic companies? b. In what ways might you expect auditing standards for audits of nonpublic companies to differ from the standards for public companies? Identify three ways and state your rationale