Independence Standard Board - Explained
What is an Independence Standard Board?
Written by J. Mance Gordon
Updated at April 18th, 2024
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What is an Independence Standard Board?
The Independence Standards Board (ISB) creates standards for public company auditors. The underlying objective is to maintain independence and avoid conflicts of interest in reporting services.
What does the Independence Standards Board Do?
The Independence Standards Board ( ISB) was established in May 1997, as a result of the discussions held between the AICPA and SEC. The Board operation policies are carefully crafted for permitting an open, timely study of all matters relating to the independence of an auditor and also to encourage the public to participate in the procedures of setting up. Numerous security-related laws that were enacted by Congress and managed by the SEC state shows the credibility and integrity of reporting finance related matters to the public. Structure of ISBThe independence Standard Board is made up of 8 members with an executive director and other committee and supporting staff. It is funded by the SECPS .The board chairman serves for a tenure of 3 years. The chairman is responsible for the supervision and appointment of all personnel at the Independence Standard Board. The chairman is responsible for the distribution of duties among staffs if the board.