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    Accounting Regulatory Bodies

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    1. Examine at least four accounting regulatory bodies and discuss how an organization complies with the standards of the three regulatory bodies you selected. Be sure to cite two references.

    2. Summarize in short sentence the primary purpose of an internal control system.

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    Solution Preview

    1. Examine at least four accounting regulatory bodies and discuss how an organization complies with the standards of the three regulatory bodies you selected. Be sure to cite two references.

    Corporations and businesses need to fulfill various requirements in accounting. The accounting regulatory bodies have the duties to set the regulations for the accounting industry aside from performing certain and specific tasks. There are various and several accounting regulatory bodies which govern the accounting environment and they have contributed to the success of organizations. Overall, their goal is to help improve the standards of financial accounting for every organization by setting the tone for the companies to follow and in effect, they also protect investors and contribute to the success of the organization.

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    Solution Summary

    The solution describes four accounting regulatory bodies: Securities and Exchange Commission (SEC), International Accounting Standards Board (IASB), Financial Accounting Standards Board (FASB), Generally Accepted Accounting Principles (GAAP). It also discusses how organizations comply with their standards. Additionally, a brief summary of the primary purpose of an internal controls system is also given. References included.

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