The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants’ (AICPA) Accounting Principles Board (APB) on July 1, 1973. These scandals highlighted the importance of having a transparent, consistent, and reliable set …

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This allows companies to save the time and resources that would have been spent on hiring and training in-house bookkeeping professionals. Regular audits should be conducted by an internal or external auditor to ensure that the financial records are accurate and complete. Auditors should review the financial records, policies, and procedures to identify any weaknesses …

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