Independence Standards Board to Shutter its Doors

The Independence Standards Board (ISB) has served its purpose and is ready to disband. The ISB was formed through an agreement between the Securities & Exchange Commission and the American Institute of CPAs, and its chief responsibility was to help shape the auditor independence rules that were adopted last year.

As part of its mission, the ISB worked to improve communications between auditors and audit committees, and documented the effects of auditors who performed non-traditional audit services for their audit clients.

Going forward, the AICPA has indicated that there are viable alternatives to the ISB. "Given the success we've had with the Public Oversight Board's Panel on Audit Effectiveness and the Blue Ribbon Panel on the Effectiveness of Corporate Audit Committees, we believe the best way to address future issues is for the SEC, the public, and the profession to work together, supplemented by ad hoc groups as appropriate,' said AICPA President and CEO Barry Melancon.

You may like these other stories...

KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission (SEC), which found that the Big Four firm violated auditor independence rules by providing certain nonaudit...
By Jason Bramwell, Staff WriterJuly 1, 2014, is the date when the first set of municipal advisors will be required to register under new rules the US Securities and Exchange Commission (SEC) finalized last year.The SEC...
The Financial Accounting Standards Board (FASB) on December 18 released the 2014 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy, which contains updates for accounting standards and other...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.