SEC:

SEC is the first federal regulator market created in 1934. It is an independent agency of the federal government.

SEC authority in the accounting regulatory environment:

1. It oversees the security market and responsible for protecting investors.

2. It set a standard of ethics for the best practice for accounting.

3. It takes action against the lawbreakers.

4. It monitors the takeover action in the US and protecting the investor from the manipulate practice and fraudulent.