Regulatory Bodies

method of account statement Regulatory bodies argon institutions that atomic shape 18 in wake up of managing the actions of businesses, and make convinced(predicate) that these actions adhere to the national standards. The former that the regulatory bodies argon in place is to ensure that all brass instruments ar operating in a way that is fair and legal. They do this by do different types of be requirements, and enforce them as necessary. One reason that organizations need to be regulated, is to ensure to the earthly concern that these organizations are safe to invest their hard earned gold in. on that point are three master(prenominal) regulatory bodies that I am button to talk about in this paper. The atomic number 16 (Securities and Exchange Commission), FASB (Financial business relationship Standards Board, and the PCAOB Public Company Accounting throwback Board) The SEC (Securities and Exchange Commission) is a regulatory agency that was founded in 1934 , and is responsible for the regulation of the stock market. The securities act originated in 1933, simply the securities exchange act did not take place until 1934. They are there to prevent corporations from abusing the sale of securities, as well as corporate reporting.

If the SEC was to find some type of accounting fraud by an individual or a corporation, they take in with criminal law enforcement agencies to prosecute these individuals or organizations for their offenses. The FASB (Financial Accounting Standards Board) is a privately owned, non-profit organization. It was created in 1973, replacing the Ac counting Principles Board. The SEC designate! d the FASB organization to be responsible for setting accounting standards for public companies in the U.S. Their main purpose is to develop the GAAP (Generally Accepted Accounting Principles) within the United States, while keeping the publics interest in mind. The PCAOB (Public Company Accounting Oversight Board) (sometimes called bopeep) was put in to place in 2002 by the Sarbanes-Oxley Act. Its main purpose is to protect the interests of...If you want to get a well(p) essay, tack it on our website: BestEssayCheap.com

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