PRESENTATION BY ARTHUR SIEGEL, EXECUTIVE DIRECTOR OF THE INDEPENDENT STANDARDS BOARD GIVEN DECEMBER 9, 1997
Presentation to the AICPA’s 25th Annual National Conference on Current SEC Developments
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The ISB was dissolved on July 1, 2001.

"The Board is especially interested in empirical research supporting a particular position. While the Board will, of course, listen to all views, I believe that those views that are informed by "competent evidential matter" will receive more consideration. Viable alternatives to current or proposed practices will also be helpful. For example, it is easy to question an auditor’s independence solely on the basis that the fees are paid by the client. But as Ray Garrett, in his role as vice chairman of the Public Oversight Board, said in 1979 to a US Senate Committee, client payment of audit fees 'has been accepted for, I think, very sound reasons. First of all, there is no better system… .'*

* The Scope of CPA Services, Gary John Previts, Ronald Press, 1985 (page 132)

* Read the entire Article

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