What is the PCAOB and what does it do and where is it in the U.S. Government Who sets accounting standards FASB (Financial Accounting Standards Board). Who is the FASB What is the SEC, what does it do, how does it affect auditors What does an auditor's opinion say; what does it not say What is auditor's responsibility for reporting illegal acts found What is a "covered member" in independence questions. What limitations does that designation bring