Federal and state law has only recently-in the last ten or so years-begun to seriously regulate accountants (aside from antitrust issues).

Question

Quizplus · Accepted Answer

This statement is false. Accountants have been subject to federal and state regulation for many decades, particularly in regards to securities laws and tax laws. The Securities Act of 1933 and the Securities Exchange Act of 1934 both established regulation of accounting practices for publicly traded companies. Additionally, the IRS and state tax agencies have long had the power to regulate accountants who prepare tax returns.

Federal and State Law Has Only Recently-In the Last Ten