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07 Feb 2012
THE US AUDIT WATCHDOG has recruited a government auditor to its board.
The Public Company Accounting Oversight Board (PCAOB) has appointed current MD of the Governemnt Accountability Office Jeanette Franzel as a panel member, in a move investors believe could set back attempts to create tougher requirements on audit firms, The Wall Street Journal reports.
Further reading
The Securities and Exchange Commission names board members for the PCAOB which is a five member panel that inspects accounting firms and sets, as well as enforces rules on how they should conduct audits.
Franzel leads the team that audits the federal government's accounts.
PCAOB chairman James Doty (pictured) said: "Jeanette's extensive experience in the field of securities regulation and auditing standards will enable her to hit the ground running."
"I am delighted to have her join the board."
The PCAOB also announced that founding board member and ex-acting chairman Daniel Goelzer was stepping down. He helped launch the PCAOB in 2002
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