ISB asks for independence confirmation.The Independence Standards Board has issued its first invitation to comment (ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium ITC n abbr (BRIT) (= Independent Television Commission) → ), Proposed Recommendation to the Executive Committee of the SEC Practice Section of the American Institute of CPAs. This brief statement would require auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together to confirm their independence annually to each publicly held client's audit committee or board of directors. The ISB published the ITC on its World Wide Web site (www.cpaindependence.org) on May 29 and kept the exposure period open until July 23. (The Journal's July issue closed before the ITC was issued.) The ISB will pay particular attention to the following four questions, which appear in the ITC: * Will the recommendation help both auditors and audit committees pay closer attention to independence issues? * Are there any other means for helping audit committees evaluate auditor independence? * Do the recommendation's benefits outweigh out·weigh tr.v. out·weighed, out·weigh·ing, out·weighs 1. To weigh more than. 2. To be more significant than; exceed in value or importance: The benefits outweigh the risks. its costs? * Should this recommendation be submitted tot he ASB ASB Asbestos ASB Arbeiter Samariter Bund (German medical help organisation) ASB Anti-Social Behaviour ASB Accounting Standards Board (UK FRC) ASB Aarhus School of Business instead of, or in addition to, the SECPS SECPS Securities & Exchange Commission Practice Section (of the AICPA) executive committee? Not every audit firm is a member of SECPS, so such a statement would not be universally binding. However, the ASB's processes require more time. The Journal will have more details as the ISB examines these and other issues further. |
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