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...

There’s a way for investors to brave the world beyond stocks and bonds of a traditional Individual retirement arrangement (IRA) and venture into real estate, tax liens, unregistered securities and so on. Their avenue...
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...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.