a. Go to the AICPA’s website (www.aicpa.org (Links to an external site.)). Find the AICPA’s mission statement (currently under the link â€œAbout the AICPAâ€). 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.)). Find the SEC’s description of its mission (currently under the â€œWhat We Doâ€ link under the heading â€œAbout the SECâ€). Read the material under the link â€œIntroduction,â€ 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.)) and click on the â€œWhat We Doâ€ link (under the â€œAboutâ€ link). Read the material under the link â€œCreation of the SEC,â€ 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.)). Find and briefly summarize the PCAOB’s description of its standard-setting process (click on the â€œStandardsâ€ link along the top of the page; then select â€œThe Standard-Setting Processâ€ towards the bottom of the page, under the subheading â€œCurrent Standard-Related Activitiesâ€).
e. Go to www.ifac.org/IAASB/ (Links to an external site.) and read the brief history of the IAASB found under the â€œAbout IAASBâ€ 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.) 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.