Content area
Full Text
THE INDEPENDENCE STANDARDS BOARD (ISH), THE PRIVATE-SECTOR STANDARDSsetting body governing the independence of auditors from their public company clients, ceased its operations July 31, 2001. It had been created in 1997 through an agreement between the Securities & Exchange Commission (SEC) and the American Institute of CPAs (AICPA) to initiate research, develop standards, and engage in public analysis and debate of auditor independence issues.
During its tenure, the ISB addressed many controversial issues regarding auditors and their independence. It helped improve communications between audit committees and auditors regarding auditor independence issues and helped clarify the impact on auditor independence of certain financial investments and of professionals leaving an accounting firm to work for one...