Board Names Director of Office of Research and Analysis

Washington, DC, Sep. 9, 2005

The Public Company Accounting Oversight Board has named Phil Wedemeyer as Director of the Board's Office of Research and Analysis. Mr. Wedemeyer joined the PCAOB in November 2003 and most recently served as Deputy Director of Inspections in the Division of Registration and Inspections where he was responsible for risk analysis and inspection process.

"With his background in the Inspections Division, Mr. Wedemeyer is exceptionally qualified to help us focus on areas of risk in the financial reporting process," said Chairman William J. McDonough. "This is an invaluable service in helping to further the Board's mission to protect investors and restore public confidence in the accounting profession.

“Mr. Wedemeyer replaces Dick Clark, our incumbent director,” McDonough said. “Let me say how much I appreciate Mr. Clark’s service this past year. While he has chosen for personal reasons to resign, the Board has been fortunate to have had his expertise in establishing the Office of Financial Analysis and Risk Assessment. All of us wish him every success in the future.”

The Office of Research and Analysis, formerly the Office of Financial Analysis and Risk Assessment, will collect, assimilate and analyze information from multiple sources and provide the Board with assessments of risk and related insights. The office will continue to work closely with the registration, inspections, standards and enforcement programs.

Mr. Wedemeyer retired from Arthur Andersen LLP after a 31-year career, including 22 years as a partner. There, he managed the administration of an audit division of 14 partners and approximately 130 employees. Mr. Wedemeyer has managed the audits and client relationships of firms ranging from start-up companies and small businesses to multi-billion dollar international organizations. He also had various responsibilities for development of training and audit policy for the firm. He earned his Bachelor of Business Administration in Accounting from Baylor University.