WASHINGTON — The new U.S. accounting oversight board on Wednesday set "milestones" for getting organized and left to the Securities and Exchange Commission a decision on naming an interim chairman to replace William H. Webster.
Webster, who resigned from the board Tuesday in the wake of controversies surrounding the SEC's process in selecting him, still led the initial meeting Wednesday. He said he expected the SEC to select one of the four remaining board members to serve as interim chairman.
The Public Company Accounting Oversight Board, created by Congress in July in the aftermath of this year's wave of accounting scandals, scheduled its first formal meeting for early January. Before then, the board's members agreed to develop a first-year budget and set milestones including a review of auditing standards.
Webster's selection last month drew criticism after reports that SEC Chairman Harvey L. Pitt failed to inform other SEC commissioners that Webster had headed the audit committee of a now-insolvent firm being sued for fraud. The uproar caused Pitt to resign last week; Webster followed Tuesday.