What organization oversees the development of auditing standards?

The Public Company Accounting Oversight Board (PCAOB) is responsible for overseeing the development of auditing standards for public companies in the United States. Established by the Sarbanes-Oxley Act of 2002, the PCAOB's primary role is to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent auditing reports. It sets the standards for auditors' performance during audits and has the authority to inspect auditing firms, ensuring compliance with its standards and rules. This makes the PCAOB the correct choice for the question about which organization oversees the development of auditing standards.

Other organizations mentioned play different roles: the AICPA (American Institute of Certified Public Accountants) focuses on the profession of accounting and provides guidance and standards primarily for private companies, FASB (Financial Accounting Standards Board) is involved in developing accounting standards (not specifically auditing standards), and the SEC (Securities and Exchange Commission) regulates securities markets and enforces securities laws, but it does not set auditing standards directly.