Final answer:
The ARSC or Accounting and Review Services Committee is the authoritative body designated by the AICPA to set standards for an accountant's work with unaudited financial statements of a nonissuer.
Step-by-step explanation:
The authoritative body designated by the AICPA to promulgate standards concerning an accountant's association with unaudited financial statements of a nonissuer is the Accounting and Review Services Committee (ARSC). The ARSC or Accounting and Review Services Committee is the authoritative body designated by the AICPA to set standards for an accountant's work with unaudited financial statements of a nonissuer.
The ARSC is responsible for issuing statements on standards for accounting and review services (SSARS). These standards govern the preparation, compilation, and review of unaudited financial statements or other financial information for entities that are not required to file financial statements with the Securities and Exchange Commission (SEC), the latter being considered 'issuers'.