The PCAOB adopted the AICPA auditing standards in existence April 16, 2003, as its interim standards. The PCAOB began issuing its own series of Auditing standards that are structured AICPA standards previously referred to as the generally accepted auditing standards.

Required: Explain briefly PCAOB ten Auditing standards, which grouped into three categories? Discuss the importance of these standards for any auditing profession.