Which of the Following Statements Is NOT True

Multiple Choice

Which of the following statements is NOT true?

A) The SEC has authority to accept or reject financial accounting principles and standards developed by the FASB.
B) The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention.
C) Because of the Sarbanes-Oxley Act, it is probable that the FASB's conceptual framework will become less important in developing accounting principles and standards.
D) The American Institute of CPA's has in the past had strong influence on the development of accounting principles.