The big show for the U.S. accounting industry is the American Institute of Certified Public Accountants. They set a lot of the standards for the accounting industry and basically write the rules accountants are supposed to follow as they cook - er, keep - the books of the country's major and minor corporations.
The Auditing Standards Board is a committee within the AICPA. The organization refers to it as "senior committee for auditing, attestation, and quality control." (It is our humble opinion that "attestation" is a grossly underused word. Please use it often, as in "it is my attestation that strawberry-flavored soda is gross.")
Basically, the ASB figures out the best way to conduct a corporate audit and issues guidelines to accountants. Their existence provides a central set of rules, so that everyone follows pretty much the same procedures when they do their auditing thing.
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Finance: What is Acting Against Recommen...2 Views
finance a la shmoop what is acting against recommendations hmm
let's say you head to the emergency room with stomach pains the doctor in charge [Man driving fast with stomach pains]
says yep you've got appendicitis but I'm brutally
tired so I recommend you go home well odds are if the doc himself had [Doctor in pain with stomach pains]
appendicitis he'd get someone to take that puppy out stat acting against
recommendations is kind of like that just in the financial world if your
broker tells you to do something he wouldn't recommend for his own [Man discussing finance with his broker]
investments well he has a duty to tell you that he wouldn't do that same thing
in his own case that usually happens when some bonehead tells a broker, hey I
want to bet my life savings on this new IPO well why would anyone act against
recommendations well in the case of the doc maybe he's so tired that he's a [Doctor holding scalpel and falls to the floor]
dangerous menace in the O.R... In the case of your broker well maybe there's
something about your specific situation that makes acting against recommendation
the way to go well as long as they tell you that it's against recommendations
well, they're legally in the cure just don't ask that broker to perform
your kidney transplant [Broker walks into office]
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