1. There are two different sets of auditing standards for auditing non-governmental entities. The two different sets of standards are issued by different organizations.

1. Name the two organizations that issue the auditing standards mentioned above. Please provide the name of the organization(s) as well as their acronym.

PCAOB Public Company Accounting Oversight Board

ASB of the AICPA Auditing Standards Board of the American Institute of Certified Public Accountants

2. Which set of auditing standards would an auditor follow if they were auditing a public company.

PCAOB

3. Which set of standards require the auditor to issue a separate report (opinion) on the companys internal controls.