Consider the following questions:
1. Explain the roles of the SEC and the FASB in the setting of accounting standards.
2. Explain the role of the auditor in the financial reporting process.
3. List three key provisions of the Sarbanes-Oxley Act of 2002. Order your list from most important to least important in terms of the likely long-term impact on the accounting profession and financial reporting.
Make sure you use enough details to support your answer.