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Which of the following statements best captures the relationship among the three sets of audit standards developed by the AICPA's Auditing Standards Board ( ASB
Which of the following statements best captures the relationship among the three sets of audit standards developed by the AICPA's Auditing Standards Board ASB by the Public Company Accounting Oversight Board PCAOB and by the International Auditing and Assurance Standards Board IAASB
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a Audit standards developed by the ASB are the oldest and those developed by the IAASB are the most recently developed, with those developed by the PCAOB falling in the middle of the timeline.
b Audit standards developed by the ASB apply to US companies whereas those developed by the PCAOB and IAASB pertain to nonUS companies.
c The ASB and IAASB work closely together but the audit standards developed by the PCAOB are the gold standard.
d The ASB and PCAOB standards are largely converged while the IAASB audit standards feature several idiosyncratic requirements related to eg information security under international law
e The ASB audit standards apply to audits of US private entities, the PCAOB audit standards apply to audits of US public companies ie those registered with the SEC and the IAASB audit standards apply to audits of non US companies in over jurisdictions.
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