The Auditing Standards Board, the Public Company Accounting Oversight Board, and the International Auditing and Assurance Standards Board are all auditing standard setters and they have issued multiple sets of auditing standards.

Please discuss the following:

Objectives of these boards

Compositions of these boards

Characteristics of each set of standards

Advantages and disadvantages of having several standard setters and several sets of standards

Discuss some differences between the International Auditing Standards and the U.S. GAAS   

Which set of standards do you think should be the base for education purposes, and why