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Answer the following questions: a. What event spurred the creation of the SEC? Why was the SEC created? b. What are the five
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a) securities and exchange act: was established in 1934, post GREAT CRASH in 1929 , post this crash investors lose all confidence,

  • This was basically created to boost the investors confidence , investors can easily take decision whether or not buy or sell any property.
  • It helps to promote investors education
  • Facilitate effecient markets

b) Five divisions of SEC:

  • Division of Finance: This division ensures that companies that do trading need to submit financials, updates quarterly etc
  • Division of Trading: This division ensures fair trading between buyers and sellers
  • Division of Investment: This oversees the funds analyst and advisories
  • Division of enforcement: Responsible for investigations, civil actions etc
  • Division of Risk : This department does research on how to reduce risk while Trading.

c) role of chief accountant:

  • Reporting and analysis to Management
  • Train other accountants to discharge their duties effectively
  • Prepare financials in accordance with AS'.
  • Give some recommendations to the company for improvement
  • analyse discrepencies and give solutions
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