🏛️ U.S. Accounting & Auditing Framework

Three Key Regulatory Chains

Auditing Standards
for Issuers
SEC
Securities and Exchange Commission
PCAOB
Public Company Accounting Oversight Board
PCAOB Standards
Auditing Standards for Issuers
Auditing Standards
for Non-issuers
AICPA
American Institute of CPAs
ASB
Auditing Standards Board
GAAS
Auditing Standards for Non-issuers
Accounting Standards
for Issuers and (most) Non-issuers
FASB
Financial Accounting Standards Board
U.S. GAAP
Generally Accepted Accounting Principles

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📚 Key Definitions

Issuers

Companies that have registered securities with the SEC and are publicly traded on stock exchanges. Also known as public companies. These entities must comply with stricter regulatory requirements and are subject to PCAOB auditing standards.

Non-issuers

Companies that are not publicly traded and have not registered securities with the SEC. This includes private companies, partnerships, and nonprofit organizations. These entities follow GAAS established by the AICPA's Auditing Standards Board.