Accounting and Auditing Regulatory Structure: U.S. and International [July 19, 2017] [open pdf - 1MB]
"Accounting is commonly considered the language of finance. A common set of principles and rules help establish accounting standards. Accountants who audit financial statements (auditors) also adhere to a common set of audit principles and rules to examine financial statements. In the United States, accounting and auditing standards are promulgated and regulated by various federal, state, and self-regulatory agencies. Accounting and auditing standards are also influenced by practitioners from businesses, nonprofits, and government entities (federal, state, and local). Congress has allowed financial accounting and auditing practitioners to remain self-regulated while retaining oversight responsibility. At certain times, Congress has sought to achieve specific accounting- and auditing-based policy objectives by enacting legislation such as the Sarbanes-Oxley Act of 2002 (SOX) and the Federal Credit Reform Act of 1990 (FCRA)."
CRS Report for Congress, R44894
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html