ASB Full Form

What is the full form of ASB?

The full form of the ASB is the Auditing Standards Board. The Audit Standards Board (ASB) is AICPA's senior audit, attestation and quality control committee governed by the execution and issuance of audit and attestation reports for non-issuers. Its mission is to serve the public interest by developing, updating and disseminating comprehensive standards and practices that enable practitioners to effectively and efficiently provide high-quality, objective audit and attestation services to non-issuers.

This Story also Contains

1. What is the full form of ASB?
2. Special Considerations
3. ASB Meeting

Special Considerations

Rulemaking process

When making decisions after consideration, Audit Standards Board (ASB) members consult internally and with AICPA. They may also involve the public. Regular meetings include discussion of audit matters and preparation of public statements and may also include public hearings.

For a rule or statement to be approved, Audit Standards Board (ASB) members must vote in favour and reach a two-thirds approval threshold. At this point, they may prepare a proposal (or "preliminary draft") of the final rules.

The Auditing Standards Board (ASB) posts statements and statements in CPA letters and on the AICPA website.

Membership structure

The Audit Standards Committee comprises 19 members, each appointed by the Director of the AICPA Audit Standards and Certification Division and approved by the AICPA Board of Directors. The board has a chairperson who directs board meetings and establishes procedures, subcommittees, and other similar affairs with the directors. AICPA has reserved nominations for various industry sectors as part of its operational policy to ensure the representation of various industries and sectors:

• 5 seats for accounting firms at the regional, regional or national level, but not considered part of the "Big Four" accounting firms.

• 4 seats for Big Four accounting firms

• 5 seats represent the National Public Accounts Board (NASBA), including current and former members of the National Accounting Board (NASBA).

• 5 seats for other accountants, AICPA members and users of financial statements (e.g. private sector). AICPA typically reserves one for persons in academia and the other for government officials, government auditors, or similar agents.

ASB Meeting

ASB members, AICPA, and the general public discuss applications provided by ASB. The ASB meets regularly to discuss audit issues, prepare application proposals, and occasionally hold public hearings. Meetings are considered informal (without a set of formal rules) to encourage open discussion among members. Matters affecting the public interest, such as proposals for a new SAS, are open to the public. The ASB Chair schedules meetings and hearings, and notices, highlights and summaries of meetings are posted in the CPA letter and on the AICPA website. A majority of ASB members or their representatives constitute a quorum, and other AICPA members are usually invited as well.

Proposed statements are discussed at ASB meetings, and board members must vote before posting either a draft proposal (referred to as the "Preliminary Draft") or a final public draft voted on by two-thirds of ASB members. Voting results are included in published meeting highlights, and ASB members who disagree with the release of a statement may request that the preliminary draft or final statement include reasons for disagreement.