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Explain from where the Securities and Exchange Commission receives its authority.

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  • (a) Explain from where the Securities and Exchange Commission receives its authority.
  • (b) Describe the official role of the Securities and Exchange Commission in the development of financial accounting theory and practices.
  • (c) Discuss the interrelationship between the Securities and Exchange Commission and the Financial Accounting Standards Board with respect to the development and establishment of financial accounting theory and practices.