Question: Are US Accounting and Auditing Standards law? Explain your answer! Who established the SEC and what are the major functions of the SEC? What role

  1. Are US Accounting and Auditing Standards law? Explain your answer!
  2. Who established the SEC and what are the major functions of the SEC?
  3. What role does the SEC play in establishing Accounting Practices? And why is the role important?
  4. What events led to the passage of Sarbanes Oxley (SOX)?
  5. What are some of the key provisions of Sarbanes Oxley?
  6. What are the key roles of the PCAOB?
  7. What is the peer-review process and how does it factor into the quality of audited financial statements?

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