Washington, (Oct. 2, 2002) -- John H. Biggs, one of the favorites to become head of the Public Company Accounting Oversight Board, has agreed to take the job, The New York Times reported.

After former Federal Reserve chairman Paul Volcker declined the post, Biggs, 66, chairman and chief executive at financial services and educational employees pension conglomerate TIAA-CREF, was thought to be next in line to be offered the job.

Biggs has been a high-profile proponent of accounting reform.

The five-member board, created as a result of the passage of Sarbanes-Oxley Act, is imbued with standard-setting and disciplinary powers for the profession and will conduct annual reviews of SEC firms.

SEC chairman Harvey Pitt voiced recent optimism that his agency would have the remaining board members in place by the end of September, but the Commission has reportedly been unable to reach a consensus on the remaining slots.

--Electronic Accountant Newswire staff

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