Board Announces Deputy Chief Auditors

Washington, DC, Mar. 15, 2006

The Public Company Accounting Oversight Board announced today that Laura Phillips and Jennifer Rand have been named Deputy Chief Auditors, reporting to Tom Ray, PCAOB Chief Auditor and Director of Professional Standards.

"I have been privileged to work with Jennifer and Laura for more than two years,” Mr. Ray said. “They have a deep understanding of the auditing profession and professional standards-setting. Just as important, they are enthusiastic about the PCAOB's mission to protect investors. I am delighted that they have agreed to take on additional duties in these new jobs."

Ms. Phillips, 36, joined the PCAOB staff in July 2003 and was named associate chief auditor in February 2004. She played a substantial role in developing PCAOB Auditing Standard No. 2, which implements the internal control audit requirement established by the Sarbanes-Oxley Act of 2002. Since then, Ms. Phillips has led the PCAOB staff efforts to promote the efficient and effective implementation of Auditing Standard No. 2.

As Deputy Chief Auditor, Ms. Phillips will provide technical direction on the development of the Board's standards and ensure that standards and related information developed by the PCAOB are available and appropriately communicated to public company auditors and other relevant parties. Prior to joining the PCAOB staff, Ms. Phillips was an audit professional with Ernst and Young LLP.

Ms. Rand, 39, joined the PCAOB staff in December 2003 as associate chief auditor. She has been responsible for organizing and administering the Board's Standing Advisory Group, monitoring other domestic and international auditing standards-setting activities, and PCAOB standards-setting projects. As Deputy Chief Auditor, she will oversee and coordinate all PCAOB standards-setting projects and continue to administer the Standing Advisory Group.

Ms. Rand also will serve as the PCAOB observer to the International Auditing and Assurance Standards Board of the International Federation of Accountants (IFAC). Prior to joining the PCAOB staff, Ms. Rand was director of the SEC Practice Section of the American Institute of Certified Public Accountants (AICPA). She began her career as an audit professional with Price Waterhouse LLP.

The Office of the Chief Auditor advises the Board on the establishment of auditing and related professional practice standards and on the application of auditing and accounting standards related to the financial statements and internal control over financial reporting of U.S. public companies. The Chief Auditor and his staff also work with other relevant organizations, including the Securities and Exchange Commission, the Financial Accounting Standards Board, the U.S. Government Accountability Office, the AICPA, and IFAC.