. Can you think of any reasons why the SEC relies on private sector bodies to set accounting standards, rather than undertaking the task itself? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. The relationship between the SEC and FASB is modeled after similar relationships in international standard setting. By relying on a private sector body to set standards, standards may gain greater acceptance than if dictated by a public (government) body. The SEC now has a buffer group between itself and concerned constituents. The SEC avoids criticism if a mistake is made by the FASB. That approach insures that SEC employees are involved in every aspect of standard setting. By relying on a private sector body to set standards, the cost of setting accounting standards is not borne by taxpayers. SEC employees may not have the expertise necessary to set accounting standards