Institutions Flashcards
Integrity do be important (14 cards)
______ provides the general framework and rules for what financial info to include and how to present it (in the US)
Generally Accepted Accounting Principles (GAAP)
______ provides the general framework and rules for what financial info to include and how to present it (NOT in the US)
International Accounting Standards Board (IASB)
In the US, these 3 organizations are important in establishing accounting principles
- SEC
- FASB
- IASB
______ is a governmental agency that can establish accounting principles & financial reporting requirements for publicly owned corps
Securities and Exchange Commission (SEC)
______ enforces compliance w/ ______ that are primarily established by ______
SEC, GAAP, FASB
The most authoritative source of GAAP is the…
Financial Accounting Standards Board (FASB)
FASB compiles all of it’s standards in an…
Accounting Standards Codification
The ______ oversees the public accounting profession
Public Company Accounting Oversight Board (PCAOB)
What are audits?
An independent examination of a company’s F/S to determine its fairness
The ______ is an organization that provides the most relevant info and resources and oversees the CPA exams
American Institute of CPAs (AICPA)
The ______ is an organization that deals with management accounting and oversees the CMA exams
Institute of Management Accountants (IMA)
The ______ is an organization dedicated to developing internal auditing and oversees the CIA exams
Institute of Internal Auditors (IIA)
The ______ is made of accounting educators
American Accounting Association (AAA)
______ is responsible for developing guidance on risk management and internal control to reduce fraud
Commitee of Sponsoring Organizations (COSO)
