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Preview / WEEK OF JAN. 6-12

Accounting Oversight Board Plans to Meet

January 06, 2003|From Reuters

The first formal meeting of the new U.S. board to police corporate accountants has tentatively been set for Tuesday, as the search for a chairman of the 2-month-old panel intensifies.

William H. Webster stepped down Nov. 12 as the Public Company Accounting Oversight Board's first head.

Short lists of potential replacements for Webster are circulating at the Securities and Exchange Commission, which supervises the board, sources familiar with the matter said.

But selection of a new chairman looked unlikely as long as the top job at the SEC was in limbo, sources said. Harvey L. Pitt resigned as chairman Nov. 5 but still is nominally heading it.

President Bush has nominated former New York Stock Exchange Chairman William H. Donaldson to replace Pitt, but Donaldson must be confirmed by the Senate.

Until then, the accounting board was likely to be operating without a chairman, although members have said that will not impede their progress.

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