APB seeks new chairman

Link: APB offers audit guidance to non-execs

The Accountancy Foundation, which oversees the APB, will now begin its search to replace Plaistowe, APB chairman since 1994 and a former Andersen partner.

He steps down as the board begins to tackle many high profile auditing issues highlighted by the APB before the collapse of Enron, the US energy giant, such as aggressive earnings management.

Plaistowe said: ‘I have served as chairman of the APB for nearly nine years and it is high time that someone else took on the role. I had originally intended to stand down when “new” APB was established but I agreed to Lord Borrie’s request that I continue in order to help the new board get established and this has now been done.’

Plaistowe will continue to work as a standard setter on the International Auditing and Assurance Standards Board which is moving to get its rules endorsed next year by Iosco, the club of stock market regulations.

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