Generally accepted auditing standards established by the AICPA through April of 2003: Multiple Choice Provide accounting guidance for nonpublic companies. Were accepted as interim standards by the Public Company Accounting Oversight Board. Are now developed by the Securities and Exchange Commission. Were also adopted as international auditing standards at that date.

Oliver queen buys 100 shares of stock in green arrow archery corporation, a publicly traded company with which he is not affiliated as a director, officer, or employee. he then sells his 100 shares to john diggle. the sec sues oliver because he didn't register the sale of stock to john. who wins? oliver, because the sale falls into the nonissuer exemption oliver, because the sale falls into the private placement exemption the sec, because the transaction is not exempt from registration the sec, because even exempt transactions must be registered with the sec