THE RISE AND FALL OF THE ISB

One cannot help but be struck by the high level of hypocrisy found in the recent announcement of the demise of the Independence Standards Board (ISB) and the subsequent remarks of Lynn Turner, the outgoing SEC Chief Accountant. The ISB represented the best, if not the only, means for the accounting profession to address the issue of the economic importance of the client to the auditor. Rather than allow the ISB to confront this issue, the AICPA and the SEC simply proclaimed that the ISB had accomplished its mission and terminated its operations.