Washington (Oct. 8, 2003) -- The Public Company Accounting Oversight Board has appointed staff members Esslie W. Hughes and Paul E. Bijou to lead its New York City office.

The New York office, which opened Sept. 8, will serve as a base for the inspections of registered accounting firms. Members of the PCAOB's Office of Registration and Inspection are currently conducting limited inspections of the four largest accounting firms. Beginning in 2004, firms with more than 100 public company audit clients will be inspected annually, and all other firms will be inspected once every three years.

Hughes, who previously worked for more than 20 years in commercial banking with The Bank of New York, European American Bank and Bankers Trust Company, will serve as Director of the New York office. At the Bank of New York, she served as Division Head for Domestic Private Banking.

Bijou, a former PricewaterhouseCoopers partner, will lead the Inspections team and serve as Deputy Director of Inspection in the New York office. Bijou began his career in audit services and worked at PwC for 26 years, specializing in banking, manufacturing, automotive and consumer products. He was a leader in the internal controls services group and led the New York practice for the firm.

"Because of the concentration of accounting firms in New York City, it is vital to our inspections to have a presence in the city,” said PCAOB Chairman William J. McDonough. “Esslie's knowledge of the New York business community will make her an excellent director of our New York office, and Paul's talent and expertise makes him the ideal leader for our Inspections team."

-- WebCPA staff

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