Accounting Professional Standards Law and Legal Definition

According to 15 USCS § 7201 (10), [Title 15. Commerce and Trade; Chapter 98. Public Company Accounting Reform and Corporate Responsibility] the term accounting professional standards means--

“(A) accounting principles that are--

(i) established by the standard setting body described in section 19(b) of the Securities Act of 1933 [15 USCS § 77s(b)], as amended by this Act, or prescribed by the Commission under section 19(a) of that Act (15 U.S.C. 17a(s) [77s(a)] [15 USCS § 77s(a)]) or section 13(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78a(m) [78m(b)] [15 USCS § 78m(b)]); and

(ii) relevant to audit reports for particular issuers, or dealt with in the quality control system of a particular registered public accounting firm; and

(B) auditing standards, standards for attestation engagements, quality control policies and procedures, ethical and competency standards, and independence standards (including rules implementing title II) that the Board or the Commission determines--

(i) relate to the preparation or issuance of audit reports for issuers; and

(ii) are established or adopted by the Board under section 103(a) [15 USCS § 7213(a)], or are promulgated as rules of the Commission.”