Board Hires Chief Auditor

The Public Company Accounting Oversight Board (PCAOB) announced today that it has hired Douglas R. Carmichael, PhD, CPA, CFE, as its Chief Auditor and Director of Professional Standards.

"Doug's extensive experience in auditing and professional standards-setting and his commitment to excellence in the profession make him the ideal person to serve as the Board's first Chief Auditor," said Charles D. Niemeier, Acting Chairman of the Board.

Carmichael said, “I am very pleased to have this opportunity to play a leading role in the PCAOB’s efforts to review and, where necessary, improve the standards that govern the audits of public companies. I am confident that, through these efforts, we can enhance the integrity and reliability of these audits and thereby play a role in restoring confidence in our markets.”

The Chief Auditor and Director of Professional Standards is the primary advisor to the Board on policy and technical issues related to auditing of public companies. He will report to the Board on significant issues related to the accounting industry and work with other relevant organizations, including the Securities and Exchange Commission, the Financial Accounting Standards Board and the American Institute of Certified Public Accountants.

Currently, Carmichael is the Director of the Center for Financial Integrity and the Wollman Distinguished Professor of Accountancy at Baruch College, City University of New York. Until 1983, he was the Vice President, Auditing, at the AICPA where he directly participated in the development of accounting and auditing standards. Carmichael has written numerous books and articles on accounting and auditing.

Carmichael, 61, has also acted as a consultant on accounting, auditing, and control matters to government agencies, financial institutions, CPA firms, public corporations, and attorneys. He has served as a consultant to the SEC, the General Accounting Office, the Federal Deposit Insurance Corporation, the Federal Trade Commission, and other agencies, in addition to the AICPA. He has also investigated numerous cases involving allegations of fraudulent financial reporting and provided expert witness testimony on those matters.

Carmichael has received numerous professional honors and awards, including the Max Block Distinguished Article Award, awarded by the New York State Society of CPAs; the AICPA’s Annual Literary Award; Accounting Today’s 1999 Top 100 Most Influential People in the Profession; and the Dr. Emanuel J. Saxe Award for Outstanding CPA in Education from the New York Society.