|ABOUT THE POB
On February 9, 2001, the Public Oversight Board announced agreement on a Charter aimed at strengthening and broadening its oversight of the auditing profession's self-regulatory programs and standard setting processes. The POB and the AICPA have formally approved the Charter after extensive discussions between both organizations, the SEC Practice Section, the large auditing firms and the SEC.
is an important milestone in the history of the self-regulatory system of the accounting
profession. The POB has been operating pursuant to Bylaws and organizational documents,
but no charter, since its formation in 1977. The provisions of the new POB Charter are
consistent with recommendations included in the Panel on Audit Effectiveness' Report and
Recommendations dated August 31, 2000. The Panel was formed by the POB, at the urging of
then SEC Chairman Arthur Levitt, to study the effectiveness of independent audits. The
Panel's Report included recommendations aimed at improving audit performance and a system
of governance of the profession unified under a strengthened, independent POB.
The POB Board consists of five members, with a broad spectrum of business, professional, regulatory and legislative experiences. The current Board members are Charles A. Bowsher, Chair of the POB and former Comptroller General of the United States; Donald J. Kirk, Vice Chair of the POB and former Chairman of the Financial Accounting Standards Board; Melvin R. Laird, former Congressman and Secretary of Defense; Aulana L. Peters, former SEC Commissioner; and Norman R. Augustine, former Chairman and CEO of Lockheed Martin Corporation and Under Secretary of the Army. Paul H. O'Neill, formerly Chairman and CEO of Alcoa, recently left the POB Board when President Bush nominated him to be the new Secretary of the Treasury.
Key features of the new Charter include:
The full text of the new Charter is presented on the following pages.
For questions on the POB Charter, please contact Charles A. Bowsher or Jerry D. Sullivan, Executive Director of the POB, at (203) 353-5300.
© 2002 Public Oversight Board