21. Which of the following gatekeepers or gatekeeping functions was not identified by WorldCom's Bankruptcy Examiner as having failed WorldCom in some way? a. The structure of its internal audit department. b. Its external auditors. c. The SEC. d. Its board of directors. 22. According to SEC enforcement releases, which of the following was a major reason company executives orchestrated accounting frauds at the turn of the millennium? a. Receiving government-based subsidies. b. Meeting Wall Street analysts' earnings expectations. c. Meeting international bankers' expectations. d. Meeting employees' expectations. 23. Which of the following statements about the PCAOB is not true? a. It was established to oversee the activities of the auditing profession. b. It was created by the Dodd-Frank Act. c. It ended 100 years of self-regulation by the auditing profession. d. It replaced the Public Oversight Board (POB). 24. Which of the following situations would not limit a director's autonomy, according to Levitt? a. "Inside" directors who are company employees. b. "Outside" directors who are either friends or relatives of the company's CEO. c. "Outside" directors who are associated with competing businesses or had been involved in business transactions with the corporation and earned lucrative fees. d. "Outside" directors who do not have a stake in the company. 25. Which of the following is not a goal of the Dodd-Frank Act? a. To increase the number of audit firms. b. To regulate financial products. c. To increase transparency. d. To protect consumers