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The board has the authority to establish auditing standards, quality control standards, and independence standards for audits of public companies.
The FASB has the authority to establish GAAPs but has no authority to enforce its standards. The SEC and the AICPA are the organizations that provide the enforcement mechanism.
The Financial Accounting Standards Board (FASB)
sec It is not the SEC. It is the FASB (Financial Accounting Standards Board)
Independent Parliamentary Standards Authority was created in 2009.
Advertising Standards Authority - United Kingdom - was created in 1962.
What authority enforces the standards set by the Canadian electrical code?
Provide guidance on implementation of standards.
The standards will depend on the legislation of the country
OSHA has the legal authority to enforce only those standards it issues. It has no authority to enforce ASME Standards, unless they have been incorporated by reference in a Standard issued by OSHA.
Issue standards that improve the usefulness of financial reports.
Keep standards current to reflect changes in the governmental environment.