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PCAOB oversees the audits of public companies, while AICPA is a professional organization for CPAs without oversight powers. PCAOB auditors have to ensure public companies' compliance with the auditing standards and rules via inspections. AICPA does not have enforcement authority.

The American Institute of Certified Public Accountants (AICPA) is the national professional organization for Certified Public Accountants (CPAs) in the United States.

SAS 145 defines inherent risk as: ?Characteristics of events or conditions that affect the susceptibility to misstatement, whether due to fraud or error, of an assertion about a class of transactions, account balance, or disclosure, before consideration of controls.?

SAS No. 145 does not fundamentally change the key concepts underpinning audit risk. Rather, it clarifies and enhances certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and, therefore, enhance audit quality.

145 defines "significant risk" as "an identified risk of material misstatement for which the assessment of inherent risk is close to the upper end of the spectrum of inherent risk due to the degree to which inherent risk factors affect the combination of the likelihood of a misstatement occurring and the magnitude of ...

The American Institute of Certified Public Accountants (AICPA) is a non-profit professional organization representing certified public accountants (CPA) in the United States. The AICPA was founded in 1887, under the name American Association of Public Accountants.

Today, the PCAOB is releasing a new proposed auditing standard, AS 1000, General Responsibilities in Conducting an Audit and Proposed Amendments to the PCAOB Standards, which replaces five AICPA standards that the PCAOB adopted on an interim basis in 2003.

The Peer Review Integrated Management Application (PRIMA) is the primary tool used by firms, reviewers, and the entities administering peer review to complete the peer review process. PRIMA is accessible to all AICPA and CPA.com customers whose records are linked to a public accounting firm in our records.

Similarities / Differences Both standards require KAM/CAM to be communicated in relation to the audit of the current period. However, the PCAOB provides examples of circumstances when it may be appropriate to communicate CAM in relation to a prior period. These examples are not contemplated by the IAASB Standards.

Congress created the PCAOB in the wake of Enron, WorldCom, Tyco, and a series of other financial reporting scandals that rocked the securities markets and shook investor confidence.