Securities and Exchange Commission
     American Institute of Certified Public Accountants


                        NEWS RELEASE

                INDEPENDENCE STANDARDS BOARD
                  SCHEDULES INITIAL MEETING
                                                            
                                                       97-52

For Immediate Release         Contacts:SEC--Chris Ullman  202.942.0020
June 26, 1997                 AICPA--Barbara Sands  212.596.6107

(Washington, DC)  The Independent Standards Board ("ISB"), a
new private-sector body created to establish independence
standards for the auditors of public companies, will hold
its organizational meeting at 1:00 P.M. on Monday, June 30,
1997 in New York.  The first meeting of the ISB is open to
the public (except for the portion of the meeting relating
to certain administrative matters) and will be held at 1211
Avenue of the Americas (between 47th and 48th Sts.) on the
sixth floor in the Board Room of the American Institute of
Certified Public Accountants ("AICPA").  Notice of the June
30, 1997 meeting follows the joint announcement by the
Securities and Exchange Commission ("SEC") and the AICPA of
the formation of the ISB.

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