Has responsibility for establishing auditing standards for US public companies?

Auditing standards are guidelines applied by auditors in deciding whether financial statements have been prepared according to GAAP.

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I. Auditing Standards Board (ASB), AICPA
II. Accounting and Review Services Committee (ARSC), AICPA
III. Public Company Accounting Oversight Board ("PCAOB")
General Auditing Standards
1000 General Principles and Responsibilities
1100 General Concepts
1200 General Activities
1300 Auditor Communications
Audit Procedures
2100 Audit Planning and Risk Assessment
2200 Auditing Internal Control Over Financial Reporting
2300 Audit Procedures in Response to Risks—Nature, Timing, and Extent
2400 Audit Procedures for Specific Aspects of the Audit
2500 Audit Procedures for Certain Accounts or Disclosures
2600 Special Topics
2700 Auditor's Responsibilities Regarding Supplemental and Other Information
2800 Concluding Audit Procedures
2900 Post-Audit Matters
Auditor Reporting
3100 Reporting on Audits of Financial Statements
3300 Other Reporting Topics
Matters Relating to Filings Under Federal Securities Laws
Other Matters Associated with Audits
Who is responsible for establishing auditing standards for publicly listed companies in the US?
Who is responsible for establishing audit standards in US and international?

I. Auditing Standards Board (ASB), AICPA

The Auditing Standards Board (ASB) is the senior committee of the AICPA designated by Council to issue auditing, attestation, and quality control standards and practice guidance for performing and reporting on audit and attestation engagements for nonissuers (that is, entities not included within the jurisdiction of the Public Company Accounting Oversight Board (PCAOB)).

II. Accounting and Review Services Committee (ARSC), AICPA

The Accounting and Review Services Committee (ARSC) is the AICPA’s senior committee for compilations or reviews and is designated to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of nonpublic entities. Its mission is to develop and communicate comprehensive performance and reporting standards and practice guidance to enable accountants of nonissuers to provide high quality, objective compilation and review services in the best interests of the profession and the users of compiled and reviewed financial statements, with the ultimate purpose of serving the public interest. Learn more about ARSC in its Operating Policies.

III. Public Company Accounting Oversight Board ("PCAOB")

In response to the Enron accounting scandal, the Sarbanes-Oxley Act of 2002, Pub. L. 107-204, 116 Stat. 745 (2002) created the Public Company Accounting Oversight Board (PCAOB) and gave it authority to establish auditing standards for public companies registered with the SEC. The 5 members of the PCAOB's Governing Board are appointed by the SEC and serve 5-year terms; no person may serve more than two terms. Two members must be or have been Certified Public Accountants ("CPAs") for at least 5 years prior to appointment. The other 3 members must not be or have been CPAs. PCAOB officially assumed its standards-making responsibility in 2003, but adopted AICPA auditing standards existing as of April 16, 2003 as interim auditing standards. PCAOB standards adopted after April 16, 2003 may supersede or amend AICPA auditing standards for audits of public companies.

Where to find PCAOB standards:

The Sarbanes-Oxley Act of 2002, as amended, directs the Board to establish, by rule, auditing and related professional practice standards for registered public accounting firms to follow in the preparation of audit reports for public companies and other issuers, and broker-dealers.

The following is a list of PCAOB auditing standards for audits of financial statements for fiscal years ending on or after December 15, 2020. Downloadable PDF booklets of the auditing standards that are effective for audits of that and other periods are also available:

PCAOB auditing standards for audits of financial statements for fiscal years ending on or after Dec. 15, 2020
PCAOB auditing standards for audits of financial statements for fiscal years ending Dec. 15, 2017 through Dec. 14, 2020
PCAOB auditing standards, as reorganized beginning Dec. 31, 2016, for audits of financial statements for fiscal years ending before Dec. 15, 2017

For periods not listed above, applicable auditing standards are available in the archive.

Find analogous auditing standards of the ASB and the IAASB using the Find an Analogous Standard reference tool.

General Auditing Standards

1000 General Principles and Responsibilities

AS 1001: Responsibilities and Functions of the Independent Auditor
AS 1005: Independence
AS 1010: Training and Proficiency of the Independent Auditor
AS 1015: Due Professional Care in the Performance of Work

1100 General Concepts

AS 1101: Audit Risk
AS 1105: Audit Evidence
AS 1110: Relationship of Auditing Standards to Quality Control Standards

1200 General Activities

AS 1201: Supervision of the Audit Engagement
AS 1205: Part of the Audit Performed by Other Independent Auditors
AS 1206: Dividing Responsibility for the Audit with Another Accounting Firm (new for FYE on or after December 15, 2024)
AS 1210: Using the Work of an Auditor-Engaged Specialist
AS 1215: Audit Documentation
AS 1220: Engagement Quality Review

1300 Auditor Communications

AS 1301: Communications with Audit Committees
AS 1305: Communications About Control Deficiencies in an Audit of Financial Statements

Audit Procedures

2100 Audit Planning and Risk Assessment

AS 2101: Audit Planning
AS 2105: Consideration of Materiality in Planning and Performing an Audit
AS 2110: Identifying and Assessing Risks of Material Misstatement

2200 Auditing Internal Control Over Financial Reporting

AS 2201: An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements

2300 Audit Procedures in Response to Risks—Nature, Timing, and Extent

AS 2301: The Auditor's Responses to the Risks of Material Misstatement
AS 2305: Substantive Analytical Procedures
AS 2310: The Confirmation Process
AS 2315: Audit Sampling

2400 Audit Procedures for Specific Aspects of the Audit

AS 2401: Consideration of Fraud in a Financial Statement Audit
AS 2405: Illegal Acts by Clients
AS 2410: Related Parties
AS 2415: Consideration of an Entity's Ability to Continue as a Going Concern

2500 Audit Procedures for Certain Accounts or Disclosures

AS 2501: Auditing Accounting Estimates, Including Fair Value Measurements
AS 2505: Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments
AS 2510: Auditing Inventories

2600 Special Topics

AS 2601: Consideration of an Entity's Use of a Service Organization
AS 2605: Consideration of the Internal Audit Function
AS 2610: Initial Audits—Communications Between Predecessor and Successor Auditors

2700 Auditor's Responsibilities Regarding Supplemental and Other Information

AS 2701: Auditing Supplemental Information Accompanying Audited Financial Statements
AS 2705: Required Supplementary Information
AS 2710: Other Information in Documents Containing Audited Financial Statements

2800 Concluding Audit Procedures

AS 2801: Subsequent Events
AS 2805: Management Representations
AS 2810: Evaluating Audit Results
AS 2815: The Meaning of "Present Fairly in Conformity with Generally Accepted Accounting Principles"
AS 2820: Evaluating Consistency of Financial Statements

2900 Post-Audit Matters

AS 2901: Consideration of Omitted Procedures After the Report Date
AS 2905: Subsequent Discovery of Facts Existing at the Date of the Auditor's Report

Auditor Reporting

3100 Reporting on Audits of Financial Statements

AS 3101: The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
AS 3105: Departures from Unqualified Opinions and Other Reporting Circumstances
AS 3110: Dating of the Independent Auditor's Report

3300 Other Reporting Topics

AS 3305: Special Reports
AS 3310: Special Reports on Regulated Companies
AS 3315: Reporting on Condensed Financial Statements and Selected Financial Data
AS 3320: Association with Financial Statements

Matters Relating to Filings Under Federal Securities Laws

AS 4101: Responsibilities Regarding Filings Under Federal Securities Statutes
AS 4105: Reviews of Interim Financial Information

Other Matters Associated with Audits

AS 6101: Letters for Underwriters and Certain Other Requesting Parties
AS 6105: Reports on the Application of Accounting Principles
AS 6110: Compliance Auditing Considerations in Audits of Recipients of Governmental Financial Assistance
AS 6115: Reporting on Whether a Previously Reported Material Weakness Continues to Exist

Who is responsible for establishing auditing standards for publicly listed companies in the US?

1. The Sarbanes-Oxley Act of 2002 authorized the Public Company Accounting Oversight Board ("PCAOB") to establish auditing and related professional practice standards to be used by registered public accounting firms.

Who is responsible for establishing audit standards in US and international?

745 (2002) created the Public Company Accounting Oversight Board (PCAOB) and gave it authority to establish auditing standards for public companies registered with the SEC. The 5 members of the PCAOB's Governing Board are appointed by the SEC and serve 5-year terms; no person may serve more than two terms.