The IASB and FASB joint boards feel that financial reporting should: a) be general purpose b) be useful in assessing a company's future cash flows c) provide information on an accrual basis d) all of these are true Question 29 ( 2 points) Which organization has the most legal authority? a) Financial Accounting Standards Board b) Accounting Standards Executive Committee c) Governmental Accounting Standards Board d) Securities and Exchange Commission 218. Auditors face ethical issues because: a. GAAP permits various standards to be used to produce profits "b. auditors may express an opinion that may cause difficulty to employees of a company c. auditors may not discover insider trading d. GAAP does not permit fraud