PracticeAuditRebels to fight Pitt on oversight board chairman

Rebels to fight Pitt on oversight board chairman

Harvey Pitt, chairman of the Securities and Exchange Commission, faces revolt from fellow members in his battle to appoint William Webster as the head of the new accountancy oversight board.

Link: Former CIA chief could head up audit board

A meeting today will finally decide who goes on to the five-person board aimed at restoring investor confidence in the US.

Pitt is expected to propose Webster, a former head of the CIA and FBI, for the position of chairman of the board, but at least two of the five SEC commissioners are expected to use the meeting to denounce this selection.

Webster has been criticised for his lack of audit knowledge and his commitment to the task at the age of 78.

Although Pitt is expected to prevail when it comes down to the vote, the meeting could expose serious divisions within the SEC over the direction the body is taking.

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