With respect to the SEC,
A) the attitude of the SEC is generally considered in any major change proposed by the FASB.
B) the SEC is the sole agency responsible for setting generally accepted accounting principles.
C) the SEC requirements of greatest interest to CPAs are set forth in their enforcement regulations.
D) the SEC has the power to establish rules for all CPAs.

Question

Quizplus · Accepted Answer

The SEC has a strong influence on the development of accounting principles, but it is not solely responsible for setting them. The SEC reviews and provides feedback on proposed changes by the FASB, making choice A the best answer. The SEC does have enforcement regulations, but they are not the only requirements of interest to CPAs, and the SEC does not have the power to establish rules for all CPAs.

With Respect to the SEC