Auditing Standards Board

[1][2] Created in October 1978, it is composed of 19 members representing various industries and sectors, including public accountants and private, educational, and governmental entities.

It issues pronouncements in the form of statements, interpretations, and guidelines, which all CPAs must adhere to when performing audits and attestations.

[4] Verification of Financial Statements, the first pamphlet dedicated exclusively to providing guidance for audits, was issued in 1929.

[7] On January 30, 1939, the Committee on Auditing Procedure was formed by the AICPA to evaluate, discuss, and issue guidance exclusively on auditing-related matters.

[3] It required all AICPA members and public accountants to adhere to the ASB’s pronouncements in relation to audit, attestation, and quality control.

The legislation established that the new Public Company Accounting Oversight Board (PCAOB) and the Securities Exchange Commission (SEC) now had final authority over auditing regulation and public-auditor professional-practices standards for audits of public companies, also referred to as "issuers".

The ASB meets periodically to discuss auditing issues and prepare and draft pronouncement proposals, and occasionally holds public hearings.