The AICPA has established professional standards that apply to financial audits and attestation engagements for nonissuers (entities other than issuers26 under the Sarbanes-Oxley Act of 2002, such as privately held companies, nonprofit entities, and government entities) performed by certified public accountants (CPA). For financial audits and attestation engagements, GAGAS incorporates by reference AICPA standards, as discussed in paragraph . b. The International Auditing and Assurance Standards Board (IAASB) has established professional standards that apply to financial audits and assurance engagements. Auditors may elect to use the IAASB standards and the related International Standards on Auditing (ISA) and International Standards on Assurance.
