Washington (Aug. 26, 2002) -- The hottest ticket in Washington is apparently not a seat on the new independent accounting oversight board.

The Wall Street Journal reports that while the Securities and Exchange Commission has received about 200 nominations so far, finding candidates who are qualified to participate – and are willing to do so – is proving difficult.

The five board members must serve full time and agree to sever any and all business ties they already have – including corporate board memberships. The board will have the power to set auditing standards and discipline accountants.

The Journal names a few candidates on the shot list of possible chairmen to lead the new board. Former Federal Reserve Chairman Paul Volcker – who vainly tried to save Andersen from bankruptcy by forging a plan to separate its consulting and auditing units – tops the list. Another candidate named is Mary Schapiro, vice chairman of the National Association of Securities Dealers. Schapiro is a political independent with lots of regulatory experience.

-- Electronic Accountant Newswire staff

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