Question

Q1. SEC, FASB and AICPA
Fill in the blanks in the highlighted areas. You can find the answers from the following websites:
www.sec.gov
www.fasb.org
and
www.aicpa.org
Please make sure you scroll down to fill all the blanks!
1. Mission of the SEC	1st blank	2nd blank	3rd blank	4th blank	5th blank	……
The mission of the U.S. Securities and Exchange Commission is to ___, maintain______ markets, and facilitate ____. Crucial to the SEC's effectiveness in each of these areas is its ______. Each year
the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infractions include ______, _______, and _______.
2. Mission of FASB
The collective mission of the FASB, the Governmental Accounting Standards Board (GASB) and the FAF is to establish and improve _________ to provide useful information to ____ and ______ of financial reports and ______ on how to most effectively understand and implement those standards
3. History of AICPA
Founded in ___, the AICPA represents the CPA profession nationally regarding ___ and ____, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for ___; provides ___ to its members; develops and grades the ____; and monitors and enforces compliance with the ____. The AICPA’s founding established accountancy as a profession distinguished by _____, _____, _____, ______ and _____.

.

Answer 1

1. Mission of the SEC

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

Crucial to the SEC's effectiveness in each of these areas is its enforcement authority. Each year the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infractions include insider trading, accounting fraud, and providing false or misleading information about securities and the companies that issue them.

2. Mission of FASB

The collective mission of the FASB, the Governmental Accounting Standards Board (GASB) and the FAF is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards.

3. History of AICPA

Founded in 1887, the AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.