The SEC plays a significant role in setting accounting and auditing standards. Sometimes the SEC can set precedence through its litigation.

Required
Go to the SEC’s web site www.sec.gov . Select a sample of the Financial Reporting Releases, Auditing Enforcement Releases, Litigation Releases, Administrative Proceedings, Reports of Investigations, or Accounting Series Releases, and summarize the findings; also describe any accounting or auditing precedent that is set in the release.