What agency has the ultimate authority for defining independence for public companies?
A) AICPA.
B) SEC.
C) Department of Justice.
D) Congress.

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the ultimate authority for defining independence for public companies. They establish the rules and regulations that public companies must follow in regards to independence of their auditors, board members, and other key personnel. The AICPA, Department of Justice, and Congress all have roles to play in various aspects of auditing and financial reporting, but the SEC holds the final say on independence requirements.

What Agency Has the Ultimate Authority for Defining Independence for Public