Other immediate priorities should be setting up an inspection function of auditors that audit SEC registrants and determining how standards that govern the work of the accounting profession, such as auditor independence rules and standards for conducting audits, should be set.
While an audit function is important, there are several other priorities that are just as, or more important. 
mnli hypothesis: While an audit function is important, there are several other priorities that are just as, or more important.  premise: Other immediate priorities should be setting up an inspection function of auditors that audit SEC registrants and determining how standards that govern the work of the accounting profession, such as auditor independence rules and standards for conducting audits, should be set.