The Auditing Standards Board (ASB) is the senior technical committee within the American Institute of Certified Public Accountants (AICPA) responsible for establishing and improving auditing standards in the United States for private companies, non-profit organizations, federal, state, and local governments, and other entities that are not required to follow the auditing standards of the Public Company Accounting Oversight Board (PCAOB).

The ASB is tasked with the development and issuance of Statements on Auditing Standards (SASs), which serve as the foundation for the auditing practices followed by auditors in the U.S. Their work ensures that audits are conducted with consistency and rigor, thus maintaining the credibility and reliability of audited financial statements.

The ASB consists of members who are experienced professionals in the field of auditing and accounting, including practitioners from CPA firms, academics, and other stakeholders. Their standards-setting process involves considerable public input and is designed to improve the clarity, consistency, and transparency of auditing practices.

Additionally, the ASB's standards are designed to align, as much as possible, with the standards set by international bodies, such as the International Auditing and Assurance Standards Board (IAASB), to promote global consistency in auditing practices.

The ASB operates under the AICPA and plays a crucial role in maintaining the integrity of the financial reporting process, particularly for entities that are not publicly traded.

The Auditing Standards Board (ASB) is a senior technical committee designated by the American Institute of Certified Public Accountants (AICPA).

Key points about the ASB:

• Role: They are responsible for issuing auditing, attestation, and quality control standards and guidance to Certified Public Accountants (CPAs) in the United States, specifically for non-public company audits.
• Authority: The ASB establishes the Generally Accepted Auditing Standards (GAAS), which are the guidelines CPAs must follow when conducting audits.
• Composition: The board is made up of 19 members representing various segments of the accounting profession, including public accounting firms, private industry, academia, and government.
• Mission: The ASB's mission is to serve the public interest by setting high-quality standards that ensure audits are conducted with objectivity, integrity, and professional skepticism.

In essence, the ASB plays a critical role in upholding the quality and reliability of financial reporting for non-public companies in the US. For more detailed information, you can visit the AICPA website or review ASB's specific pronouncements and updates on auditing standards.