With respect to the SEC,

Question

Quizplus · Accepted Answer

The SEC has a significant impact on the accounting profession, and its attitude is considered in any major change proposed by the FASB. The SEC has the power to oversee the financial reporting of publicly traded companies and regulate the activities of audit firms that provide services to those companies. However, it is not the sole agency responsible for setting generally accepted accounting principles, and its requirements are not limited to enforcement regulations. The SEC can establish rules for CPAs who provide services to public companies, but it does not have the power to set rules for all CPAs.

With Respect to the SEC