Washington (Sept. 13, 2002) -- Former Federal Reserve chairman Paul A. Volcker, rumored as the Securities and Exchange Commission's favorite to head the Public Company Accounting Oversight Board, has rejected the job, according to media reports, leaving the question open as to who would head the newly created independent board.
With the October deadline looming for the selection of members for the PCAOB, whose creation was mandated by the Sarbanes-Oxley Act of 2002, speculation has run rampant among members of the profession and the media as to who will chair the watchdog body. Accounting firms that audit public companies will have to register with the board, which will have the power to set auditing, ethics, independence and quality standards. It will also have the power to inspect, investigate and discipline audit firms.
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