Question

Each of these parties plays a role in the quality of financial reporting. Match each group with its function.
Groups
1. Financial Accounting Standards Board
2. International Accounting Standards Board
3. Securities and Exchange Commission
4. Auditors
Functions
a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded.
b. Independent, private- sector group that is primarily responsible for setting financial reporting standards in the United States.
c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements.
d. Body that is attempting to develop a single set of high- quality, understandable global accounting standards.



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  • CreatedJuly 15, 2014
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