PracticeAuditFormer CIA chief could head up audit board

Former CIA chief could head up audit board

The Securities and Exchange Commission could be set to appoint a former head of the CIA and FBI to run a board designed to oversee the audit profession and restore confidence in financial statements.

Link: Budget worries hit US accounting watchdog

William Webster was yesterday in discussions with the SEC over the position of head of the new US accountancy oversight board. A decision over who will be appointed to the five person board has to be made by Monday.

Webster is being seen as an alternative to John Biggs, the outgoing chief of US pension fund TIAA-Cref, who was close to being appointed to the position before the information was leaked to the public, infuriating the Republican-leaning members of the board over the lack of consultation.

However Democrats have questioned Webster’s lack of accounting experience and also the commitment he may have to the role at the age of 78.

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