 In this presentation, we will discuss organizations that impact auditing. We're going to start off with those organizations that impact auditing in the U.S., in the United States, including the SEC, the Securities and Exchange Commission, support accounting instruction by clicking the link below, giving you a free month membership to all of the content on our website, broken out by category, further broken out by course, each course then organized in a logical, reasonable fashion, making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. The AICPA, the American Institute of Certified Public Accountants, the PCAOB or the Public Company Accounting Oversight Board, the FASB, Financial Accounting Standards Board and the ASB Auditing Standards Board. This slide will give us more of a framework of these organizations. I won't go into it in detail because I know it is a little bit small to read, but this will be in the PDF files if you want to review it. Organizations that impact auditing internationally, so now we're talking about international as opposed to strictly the United States or the US, the ISAB, the International Accounting Standards Board and the IASB, the International Auditing and Assurance Standards Board one more time, International Auditing and Assurance Standards Board. Auditing Standards, Auditing Standards help make financial statement audits that are conducted in a consistent and thorough manner. So you'll note of course that when we think about accounting in and of itself, we have to have the standards. That's what we've learned in financial accounting, that normal standard being generally accepted accounting principles in the US, the use of typically an accrual type basis. There are different types of standards we could use if we were to use say a cash basis or some other types of principles in order to put together the financial statements. It is possible to do that, but once we have a whole lot of different standards, it becomes a lot more difficult for us to be comparing from time period to time period from company to company. Then of course, when we think about the auditing standards that are going to be applied to the audit of financial statements, we want to have a similar process as well. We want to be able to say, hey, these financial statements are made in accordance with some type of standard. The more uniform that standard is, the easier it is for people, investors, banks to evaluate those financial statements because they know they're on a particular standard make comparisons of the same thing to the same thing. So the more standardization there is that the easier it is to be. And obviously when we go through different countries with different standards in terms of how the financial statements will be put together and how the financial statements will then be audited, there can be a bit of difficulty in that. That's going to be a constant kind of struggle. How much independence does a country want such as the US in terms of their regulations and how they're going to put the financial statements together and how much conformity can we have in terms of regulations on a global, more global type of level. And if we go to a more global type of level, that conformity who's in charge, of course, of the conformity as we move to different levels in different stages. So that's going to be obviously going to be a concern. Our goal for the financial accounting is to be standardized because we know that more standardization will be an improvement for decision makers that have to do less works because they can know one standard. But of course, there's difficulties in standardizing everything especially on a global scale. They also serve as a criteria for evaluating the quality of the auditor's performance. Auditing standard setters. First, we have the ASB, the Auditing Standards Board. This is for non-public company audits. So if we're doing an audit for a non-public company, one that's not publicly traded, then we would be looking to the ASB, the Auditing Standards Board. And then you'll recall that we have the PCAOB that was set up as part of the Sawthings Oxley Law, Sawthings Oxley Law, Public Company Accounting Oversight Board. That's for public company audits. So when we're considering publicly traded companies that we are then auditing, we need to be considering the PCAOB, Public Company Accounting Oversight Board. Then we have the IASB, the International Auditing and Assurance Standards Board. It's used in international jurisdictions. So many different international jurisdictions use the IASB. And again, as we go to international type of standards, the question is how can we basically standardize things on an international basis who's in charge of standardizing things on an international basis. But if we were able to standardize things internationally, then of course that standardization hopefully would lead to more business because it would lead to more ease of information, transaction, understanding.