Question

1-23

(Organizations associated with the public accountingprofession) Several private and public sectororganizations are associated with the profession. Listed below areactivities pertaining to these organizations. License individuals to practice as CPAs. Promulgate GAAP. Issue Statements on Auditing Standards. Regulate the distribution and trading of securities offered forpublic sale. Establish its own code of professional ethics. Issue Statements of Financial Accounting Standards. Impose mandatory continuing education as a requirement forrenewal of license to practice as a CPA. Issue disclosure requirements for companies under itsjurisdiction that may exceed GAAP. Issue auditing interpretations. Cooperate with the AICPA in areas of mutual interest such ascontinuing professional education and ethics enforcement. Take punitive action against an independent auditor. Establish accounting principles for state and localgovernmental entities. Establish GAAS. Suspend or revoke a CPA's license to practice. Establish quality control standards. Operate as proprietorships, partnerships, or professionalcorporations. Issue government auditing standards. Administer federal tax laws. Required Indicate the organization ororganizations associated with each activity