SEC sets up new audit board

Article Abstract:

The US Securities and Exchange Commission will establish a new regulatory board tasked with developing standards for auditor independence for publicly traded companies. The new Independent Standards Board will promulgate rules intended to avoid conflict-of-interest squabbles between accounting firms over consulting and audit clients. The creation of the new standard-setting body was compelled by the SEC's dissatisfaction with the performance of the American Institute of Certified Public Accountants as an oversight regulator. SEC Chmn Arthur Levitt has been very concerned about the possibility of the objectivity of auditors being weakened by their diversification into the consulting business. However, the Institute will continue to issue basic public accounting standards.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Auditing, Accounting law

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The proof is in the proxies

Article Abstract:

Surveys show that auditor's independence is associated with the size of non-audit fees relative to total fees. This U.S. Securities and and Exchange Commission and investors appear to agree but the view is disputed by accountants who say it does not impair their independence nor amounts to empirical evidence of impropriety.

Professional fees

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A question of ethics

Article Abstract:

A review conducted by the U.K.'s Auditing Practices Board (APB) indicates its Ethical Standards (ESs) need no major changes. Though, the APB recommends the need to change the rotation period for audit engagement partners on listed companies.

Legal issues & crime, Product standards, safety, & recalls, Government regulation (cont), Government regulation, Management dynamics, Public affairs, Legal/Government Regulation, Business Ethics, Ethics, Management, Evaluation, Laws, regulations and rules, Company business management, Auditing Practices Board

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