Which of the following is LEAST LIKELY to represent a constraint on managements earnings management (EM) behaviour?

1. The fact that analysts develop a sense of the reporting personalities of the firms that they follow

2. The fact that companies have internal auditors working in their controllers office to assist the CFO with the development of the Financial Statements

3. The fact that the difference between earnings and cash flows is only a matter of timing

4. The fact that the quality of managements communications serves as a signal of the forthrightness of management