Which body oversees a certified public accounting firm's audit practices when the firm is auditing large, public companies?

The IRS is responsible for administering and enforcing federal tax laws, including tax collection and tax return processing. While it may review financial records for tax purposes, it does not oversee audit practices of accounting firms or set auditing standards for public companies.

FASAC provides advice to the Financial Accounting Standards Board (FASB) on the development of accounting standards but does not oversee audit practices. Its role is more focused on the formulation and improvement of financial accounting and reporting standards rather than the auditing process itself.

The FASB establishes financial accounting and reporting standards in the U.S. but is not responsible for overseeing audits. Its primary function is to create and improve financial accounting standards that inform how financial statements are prepared, rather than regulating the auditing firms that review those statements.