The new Independence Standards Board held an all-day meeting on October 20, 1997, to begin to gain an understanding of the issues involved. The Independence Standards Board was established earlier this year to set standards relating to independence issues for auditors of public companies. The board is comprised of eight members, four with a public interest perspective and four from the accounting profession. Chairing the board is William T. Allen of the Delaware Chancery Court.
The daylong program included presentations from a number of groups: Academic PaneL Professors Baruch Lev of New York University, Gary Previts of Case Western Reserve, and William Kinney of the University of Texas reviewed empirical studies of auditor independence.
Securities and Exchange Commission. Chief Accountant Michael Sutton and others presented their view of the problems to be addressed and the values to be protected.
Public Oversight Board of the SECPS A.A. Sommer, Jr., Donald Kirk, and Charles Bowsher spoke on behalf of the POB and as individuals with a strong public interest. …