Generally Accepted Auditing Standards (GAAS): Fundamental auditing principles established by the AICPA (American Institute of Certified Public Accountants) that provide the foundation for audit procedures and standards
Sarbanes-Oxley Act of 2002 (SOX): Federal law that includes Section 404 regarding internal controls over financial reporting, requirements for management assessment of internal controls, and independent auditor attestation
SEC Regulations: Securities and Exchange Commission regulations including Regulation S-X for public companies, requirements for financial statement presentation, and inventory disclosure requirements
FASB Pronouncements: Financial Accounting Standards Board guidance including ASC 330 (Inventory), ASC 705 (Cost of Sales and Services), and ASC 270 (Interim Reporting)
Internal Revenue Code: Tax regulations including Section 471 (General Rule for Inventories), Section 472 (LIFO Inventories), and Treasury Regulations related to inventory accounting methods
PCAOB Standards: Public Company Accounting Oversight Board standards including Auditing Standard No. 5 (internal control assessment), No. 12 (risk assessment), and No. 14 (audit evidence)
State-Specific Requirements: Various state-level accounting, auditing, and inventory tax requirements that vary by jurisdiction
Industry-Specific Regulations: Sector-specific regulations such as FDA requirements for pharmaceutical inventory and environmental regulations for hazardous materials
International Standards: International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS) if applicable to the organization's operations
