Question: 1. How will Sarbanes-Oxley of 2002 affect FASBs jurisdiction and independence?
2. In late 1990, the "Wyden Amendment" was stricken from the Crime Bill passed by Congress. The amendment would have required reporting by auditors on internal controls. Letters sent by FEl members opposing the amendment were instrumental in its defeat. The A1CPA supported the amendment. From an agency theory perspective, why do you think the AlCPA supported the amendment and the FEI was against it? Explain.