Is there a regulatory system that applies to accounting similar to ISO?

July 25, 2013 6:04 AM

Is there a regulatory system that applies to accounting similar to ISO? More details inside.

I have recently found out many wrong doings have occurred in my accounting dept. This is a small company, and besides our accounting dept, we have had a CPA come in weekly to do our ledgers, etc. I'd like to not get into specifics but he found what amounts to criminal charges.

I'd like to prevent this from happening in the future but in a structured, proven way.

Are there any Accounting programs similar to ISO that provide checks and balances that allow for transparency and peace of mind? I'm not necessarily looking to use the program, but model our accounting practices after it.

posted by cheechman85 to Work & Money (4 answers total)

I believe the FASB is what you are looking for.
posted by deezil at 6:08 AM on July 25, 2013

If you're in the US, you're wanting your company to follow the Generally Accepted Accounting Principles (GAAP). These are codified by FASB as mentioned above. Most other territories follow the International Financial Reporting Standards (IFRS).
posted by glhaynes at 6:34 AM on July 25, 2013 [1 favorite]

FASB pertains to US accounting standards.

There is IFRS, which is an international body, in which FASB participates, but there is nothing like ISO certification in accounting.

Re GAAP: those are standards promulgated by FASB.
posted by dfriedman at 6:35 AM on July 25, 2013

A big distinction is whether what these people were doing was intentional or just ignorance. Were they trying to break the law? Then appealing to some kind of international standards body isn't going to help. If they were ignorant, then they need to follow the laws of their jurisdiction, which their CPA should be helping with.
posted by gjc at 7:23 AM on July 25, 2013