Take the following as truth: For example, the PCAOB should consider the reasons the accounting profession is organized the way it is, including federal/state regulation such as the licensing structure, reasons accounting firms practice as partnerships, the effects of private litigation, and the structure and role of the state boards of accountancy.
Then the following statement: "The organization of the accounting profession is impacted by federal regulations." is true, false, or inconclusive?
Answer: True