Ernst & Young Chairman and CEO James S. Turley has been appointed chair of the governing board of the Center for Audit Quality to help improve investor confidence in the audit process.

Michele J. Hooper, co-founder of the Director's Council, and Barry Melancon, president and CEO of the American Institute of CPAs, will serve as co-vice chairs of the organization.

Turley joined Ernst & Young in 1977 and was named chairman and CEO in 2001. "The CAQ has accomplished much in the few months since its inception in January, but there is much more to be done," he said in a statement. "Its mission is crucial to maintaining the integrity of the capital markets, and I want to be a vital part of leading that effort."

Hooper previously served as president and CEO of Stadtlander Drug Co. before taking over at the Director's Council. She is one of the CAQ's three newly appointed public board members. Melancon has led the AICPA since 1995.

The CAQ has also issued three white papers on illiquidity in the markets prepared by a working group of the CAQ Professional Practice Executive Committee. They include "Measurements of Fair Value in Illiquid (or Less Liquid) Markets," "Consolidation of Commercial Paper Conduits" and "Accounting for Underwriting and Loan Commitments."

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