4. PASS Was created by the Secuntes Exchange Act of 1938 4. Which organization is a governmental entity? 1. SEC 2. FASB 3. EITF 4. ASB 5. Which of the following is true about the Securities and Exchange Commission (SEC)? 1. The SEC has the power to set accounting standards in the United States. 2. The SEC does not have any enforcement powers. 3, The SEC determines auditing standards for those who audit public companies. 4. The SEC relies on fees collected from publicly traded companies to operate. 6. Which principle of internal control emphasizes the importance of someone or technology checking up to make sure that internal control procedures are being followed? 1. Monitoring 2. Risk assessment 3. Documentation 4. Information and communication