Which organization primarily oversees compliance with auditing standards?

The organization that primarily oversees compliance with auditing standards is the Public Company Accounting Oversight Board (PCAOB). Established in response to various financial scandals, the PCAOB is responsible for regulating the audits of public companies to protect the interests of investors and ensure the preparation of informative, accurate, and independent audit reports. It sets standards for audit performance and quality, conducts inspections of registered public accounting firms, and enforces compliance with auditing regulations and practices.

In contrast, the Financial Accounting Standards Board (FASB) focuses on establishing financial accounting and reporting standards, while the International Accounting Standards Board (IASB) works to develop global accounting standards. The American Institute of Certified Public Accountants (AICPA) provides resources, sets ethical standards, and is involved in furthering accounting education. However, it does not have the regulatory oversight authority that the PCAOB possesses, particularly for public companies.