Academic journal article Journal of Accountancy

Former SECPS Chairman to ISB Post

Academic journal article Journal of Accountancy

Former SECPS Chairman to ISB Post

Article excerpt

Arthur Siegel, former partner and vice-chairman of auditing and business advisory services at Price Waterhouse, is the full-time executive director of the recently formed Independence Standards Board. In addition to having served as chairman of the American Institute of CPAs SEC practice section executive committee, he was chairman of the accounting standards executive committee's task force on risks and uncertainties and a member of the Financial Accounting Standards Board emerging issues task force.

In his new position, Siegel will be working closely with the Securities and Exchange Commission. "The SEC is effectively delegating to the ISB the responsibility for setting independence standards for auditors of public companies," Siegel said. The commission retains oversight authority over the ISB and has a seat at the table at meetings of the board and its independence issues committee, a nine-member group designed to help the ISB address emerging issues in auditor independence.

According to Siegel, the ISB has adopted the current SEC published independence rules, which remain in effect until the board modifies or changes them. The ISB staff also will provide guidance on the application of e independence rules. Practitioners and others can contact the board at the ISB, 1211 Avenue of the Americas, 6th Floor, New York, New York 10036; phone: 212-596-6133; fax: 212-596-6137. A Web site, http://www. cpaindependence.org, is planned.

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