AICPA Auditing Standards Board

Definition

The AICPA Auditing Standards Board (ASB) is the body authorized to issue official pronouncements on auditing matters for private companies in the United States. It develops, updates, and communicates comprehensive standards and guidance to enhance the quality of audit and attestation engagements.

Related terms

Auditing:

The systematic examination of financial records and transactions to determine their accuracy and compliance with relevant laws and standards.

Attestation: An engagement in which an auditor evaluates or measures a subject matter against certain criteria, such as financial statements against generally accepted accounting principles (GAAP).

GAAP (Generally Accepted Accounting Principles): A collection of commonly-followed accounting rules and standards for financial reporting