1. With respect to the SEC,

Select one:

A. the SEC is the sole agency responsible for setting generally accepted accounting principles.

B. the SEC has the power to establish rules for all CPAs.

C. the SEC requirements of greatest interest to CPAs are set forth in the their enforcement regulations.

D. the attitude of the SEC is generally considered in any major change proposed by the FASB.

2.

The Public Company Accounting Oversight Board

Select one:

A. oversees auditors of private companies.

B. performs inspections of the quality controls of firms that audit public companies.

C. establishes auditing standards that must be followed by CPAs on all audits.

D. performs all of these functions.