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Take standard setting back
Take standard setting backIn a letter to the public company accounting oversight board, three former chairmen of the US Securities and Exchange Commission (SEC) have recommended that audit standard setting should be taken away from auditors.
Among the SEC chiefs' recommendations to restore investor confidence is for the accounting oversight board to take back standard-setting from auditors and perform that function itself, claiming that well-intentioned auditors were beset by "the inherent conflicts between protecting the auditing firms' interests and those of the investing public, resulting in standards tilted to favor the interests of auditors."
(Source : http://www.accountancymag.co.uk/)