Magazine article The CPA Journal

New Independence Standards Board Announced

Magazine article The CPA Journal

New Independence Standards Board Announced

Article excerpt

The AICPA and the SEC on May 21, 1997, jointly announced the formation of a new standards setting body to deal with the issue of auditor independence for companies whose securities are registered with the SEC. The new body is called the Independence Standards Board (ISB) and will be operated as part of the AICPA, with funding coming from the AICPA for its executive director and staff. The board will be comprised of eight members, four representing the public interest and four from the CPA profession. The board will be assisted by a ninemember independence issues committee, all of whom will come from CPA firms that audit SEC reporting companies. The committee will identify emerging issues that impact on auditor independence for consideration by the ISB.

The ISB will establish and maintain a body of independence standards. The standard setting process will be open to the public and be subject to the usual due process used by other standard setters, including a public exposure and comment period. …

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