What agency has the ultimate authority in defining independence for public companies?

Question

Quizplus · Accepted Answer

The SEC (Securities and Exchange Commission) has the ultimate authority in defining independence for public companies. They set the standards for independence of audit committees and auditors through various rules and regulations, such as the Sarbanes-Oxley Act. The AICPA provides guidance on independence, but ultimately it is up to the SEC to enforce independence requirements. The Department of Justice and Congress may have some influence on independence requirements, but ultimately it is the SEC that has the final say.

What Agency Has the Ultimate Authority in Defining Independence for Public