Declaration of independence?

The story behind this month’s Millennium Series article on the new SEC rules for auditor independence had everything: scandal, speculative gossip, deal-making, and a media feeding-frenzy such as seldom occurs in the accounting profession. The new rules were adopted last November, and the dust has settled—but not entirely.

As the article notes, after all is said and done the new rules may not significantly affect auditor independence as we currently know it. In some ways, the new standards probably relax rather than tighten the rules. But as events continue to unfold, the POB may take an expanded role—and the status of the ISB is uncertain at best.

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