The Accounting Standards Executive Committee's duties have been assumed by the Financial Reporting Executive Committee (FinREC). The committee exists to create technical policies for, and to act as, the spokesbody for the American Institute of Certified Public Accountants. FinREC meets four to six times per year and meetings are open to the public (except when the meeting pertains to administrative or otherwise confidential matters). FinREC is responsible for compiling letters of comments on behalf of the AICPA to external groups including the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB).