Magazine article The CPA Journal

Independence Standards Board Progress Report

Magazine article The CPA Journal

Independence Standards Board Progress Report

Article excerpt

The first major step of the Independence Standards Board in its journey toward a comprehensive logical coherent set of standards was completed at its February board meeting with the release of a discussion memorandum on an auditor independence conceptual framework. The comment deadline is May 31, and the document is available at the board's website (www.cpaindependence.org).The DM is the product of professors Henry R. Jaenicke and Alan S. Glazer and seeks answers to a number of difficult questions. Those wishing to respond will want to give themselves adequate time to become immersed in the document: The issues are complex and highly theoretical.

For example, the DM seeks to learn from commentators whether the goal of the independent audit is to increase the reliability or the credibility of financial statements. It also raises the related question of whether standards should address both the fact and the perception of independence.

Other Activities

In December 1999, the ISB issued ISBS No. 2, Certain Independence Implications of Audits of Mutual Funds and Related Entities, which attempts to bring some logic to the rules having to do with audits of mutual funds that have complex relationships with other funds and fund managers. …

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