The independency Standards Board (ISB) was created in 1997 by joint residuum of the AIPCA and the reciprocal ohm. Its agency was to establish independence standards applicable to audits of public entities in order to serve the public interest and to protect and put down investors confidence in the securities markets. The ISB planned to achieve its mission blameless the issuance of independence standards addressing auditor independence and the development of a conceptual framework for independence. The ISB issued independence standards on treatments with audit committees, public fund audits, and employment with audit committees. Several standards developed by the ISB were implemented by the SEC in its Auditor freedom Rules enacted in November 2000. In addition, the ISB issued a report titled A Conceptual manikin for Auditor Independence (CFAI). The SEC declined to scud on CFAI, princip all toldy because it disagreed with the threats and safeguards approach developed b y the ISB. With the November 2000 SEC rules, all involved parties agreed that the ISB has largely fulfilled its mission and that at that place is no longer a neediness for a sort with the composition and structure of the ISB. It was formally disbanded on July 31, 2001.
Conceptual Framework Background CFAI was issued as a cater report rather than a concepts statement because the ISB was unable to dispatch the due process undeniable before it was dissolved. The ISB approved and issued an scene potation, but did not complete the review of comments received previous to dissolution. However, CFAI represents the views of ISB staff and three academic consu! ltants that used ISB deliberations as reflected in both a discussion memorandum (DM) and an exposure draft (ED) on the conceptual framework, comments from respondents to the DM and ED, and comments from project and ISB task forces. Purposes and commentary CFAI serves four primary purposes: To depart a foundation for establishing strong and consistent standards on auditor...If you fatality to get a respectable essay, order it on our website: OrderCustomPaper.com
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