The U.S. SEC Acts of 1933 and 1934 established the SEC, in part, to help prevent the business practices, including financial reporting, that worsened the impact of the 1929 depression in the United States. There was not another major piece of congressional legislation to affect public accountants until the Sarbanes-Oxley Act of 2002. Argue for or against the following statement: "The massive frauds and auditor practices that led to the Sarbanes-Oxley Act could have been avoided had there been more legislation involving accounting and auditing between 1934 and 2002." Justify your answer.