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PCAOB Hires Carmichael as Audit Chief WASHINGTON, Apr. 18, 2003 The Public Company Accounting Oversight Board has named Douglas R. Carmichael, accounting professor and director of the Center for Financial Integrity at Baruch College, as chief auditor and director of professional standards.
As chief auditor, Carmichael's role will be to overhaul the nation's auditing standards and serve as adviser to the board on technical and accounting issues. Carmichael's appointment comes just one day after the PCAOB voted to strip the auditing standard-setting responsibility from the American Institute of Certified Public Accountants, which represents 330,000 CPAs. Before joining Baruch, Carmichael, 61, PhD., CPA, served as vice president of auditing for the AICPA. He is a promiment speaker and the author of numerous books, including two he co-wrote this year, Accountants' Handbook and Ethics for CPAs. Carmichael is a frequent guest on SmartPros' Financial Management Network segments. In his most recent appearance, Auditor Independence: What Are the Rules? he examined the newly released auditor independence standards from the SEC and General Accounting Office, as well as the AICPA's Code of Conduct. Under the Sarbanes-Oxley Act, the SEC must determine by April 26 that the PCAOB is capable of carrying out the requirements of the Act and enforcing compliance with the Act by registered public accounting firms and associated persons. Earlier this week, the SEC selected William McDonough, an economist -- not an accountant -- to take the helm of the new accounting panel. 2003 SmartPros Ltd. All rights reserved. Originally published: Apr. 17, 2003 |
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