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问题如下：

Which of the following statements is most accurate with respect to the jurisdiction underlying financial reporting?

选项：

A.

The requirement to prepare financial reports in accordance with specified accounting standards is the responsibility of standard-setting bodies.

B.

Regulatory authorities are typically private sector, self-regulated organizations.

C.

Standard-setting bodies have authority because they are recognized by regulatory authorities.

解释：

C is correct. Without the recognition of the standards by the regulatory authorities, such as the US SEC, private sector standard-setting bodies, such as the US Financial Accounting Standards Board, would have no authority.

A is incorrect. The requirement to prepare financial statements in accordance with specific accounting standards is the responsibility of regulatory authorities.

B is incorrect. Standard-setting bodies (not regulatory authorities) are typically private sector, self-regulated organizations.