Final answer:
The statement is true; an audit report for an issuer will refer to PCAOB standards, which are distinct from the generally accepted auditing standards (GAAS) used for non-public companies.
Step-by-step explanation:
The statement that an audit report for an issuer refers to PCAOB standards rather than generally accepted auditing standards is true. The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
For audits of public companies, also known as issuers, the PCAOB auditing standards are applied. These standards are different from generally accepted auditing standards (GAAS), which are applied to non-public companies.