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Notes Ch 6 - Jorge Rossello Busi 100 Chapter 6 Notes I The...

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Jorge Rossello Busi 100 Chapter 6 Notes I. The Need for the Securities and Exchange Commission a. Securities and Exchange Commission (SEC): Federal government agency holding legal responsibility over the reporting made by companies that issue securities that are publicly traded in the U.S.; works to ensure that this reporting process works as intended by the government; has opted to leave development of authoritative accounting principles to FASB. b. EDGAR (Electronic Data Gathering and Retrieval): SEC reporting system requiring companies to file their financial statements electronically to allow current and potential investors to obtain this information quickly and easily over the Internet as needed. c. Government Accounting Standards Board (GASB): Nonprofit organization that holds the authority for establishing accounting standards for state and local government units in the United States. d. Emerging Issues Task Force (EITF): A group formed to assist FASB by examining new accounting issues as they arise in hopes of arriving at quick agreement as to the appropriate method of reporting based on existing U.S. GAAP. II. The Role of the Independent Auditor in Financial Reporting a. Audit: An examination carried out by an independent auditor of the evidence underlying the balances presented in a set of financial statements followed by the issuance of a public report that provides an opinion as to whether the statements contain material misstatements in accordance with U.S. GAAP; if not, the statements
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