The US accountancy watchdog, the Public Company Accounting Oversight Board,
will have to find a new board member and general counsel after Lewis Ferguson
III announced he will step down in late March.
Ferguson joined the board in January 2004, a position he said at the time he
would only hold for two years.
Following his announced departure, acting PCAOB chairman Bill Gradison said
in a statement: ‘As the first general counsel of the PCAOB, Lew Ferguson set a
very high standard. Not only did he assist the board in assembling a first-class
general counsel’s office, but he established a culture of quality and ethics
that will serve the board – and the investors who rely on us – for years to
Ferguson, 61, was formerly a partner at Washington law firm Williams &
Connolly LLP. specialising in corporate, securities and tax law.
Earlier this week the PCAOB said it would step up inspections of foreign
firms in 2006, with more UK firms likely to be targeted.
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