Which of the following statements is not true with respect to the responsibility for establishing auditing standards?

Multiple Choice

The PCAOB issues auditing standards for the audit of issuers, subject to SEC approval.

Standards issued by the Auditing Standards Board after $2003$ apply to the audits of both issuers and nonissuers.

The Auditing Standards Board currently issues auditing standards for the audit of nonissuers.

Prior to the Sarbanes$-$Oxley Act, the Auditing Standards Board issued auditing standards for the audits of both issuers