discussion question 1655

a. Go to the AICPA’s website (www.aicpa.org (Links to an external site.)Links to an external site.). Find the AICPA’s mission statement (currently under the link “About the AICPA”). Read and briefly summarize the AICPA’s mission as described in its mission statement.

b. Go to the SEC’s website (www.sec.gov (Links to an external site.)Links to an external site.). Find the SEC’s description of its mission (currently under the “What We Do” link under the heading “About the SEC”). Read the material under the link “Introduction,” describing the SEC’s primary mission and purpose. Write a paragraph summarizing the SEC’s mission and purpose.

c. Go to the SEC’s website (www.sec.gov (Links to an external site.)Links to an external site.) and click on the “What We Do” link (under the “About” link). Read the material under the link “Creation of the SEC,” describing the SEC’s creation in the 1930s. Write a paragraph summarizing when and why the SEC was formed. What were the triggering events leading up to the SEC’s formation?

d. Go to the PCAOB’s website (www.pcaobus.org (Links to an external site.)Links to an external site.). Find and briefly summarize the PCAOB’s description of its standard-setting process (click on the “Standards” link along the top of the page; then select “The Standard-Setting Process” towards the bottom of the page, under the subheading “Current Standard-Related Activities”).

e. Go to www.ifac.org/IAASB/ (Links to an external site.)Links to an external site. and read the brief history of the IAASB found under the “About IAASB” link. Write a summary of the development and status of the IAASB and its International Statements on Auditing Standards around the world.

f. Go to www.ifrs.com (Links to an external site.)Links to an external site. and read about how the IASB is structured, how it is funded, and how it sets accounting standards. Write a summary what you find. Include the current status of the IASB’s and FASB’s convergence efforts.

Points will be deducted for poor grammar and misspelled words.

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