US audit quality body

The US Center for Audit Quality (CAQ) has announced the
appointment of its first public board members in a move to portray
a widened public perspective that extends beyond the profession’s
leadership. Harvey Goldschmid, Michelle Hooper and Lynn Paine will
be joining the CAQ’s governing board.

Serving as a commissioner of the US Securities and Exchanges
Commission (SEC) from 2002 to 2005, Goldschmid has been responsible
for the oversight of the financial markets. He said: “I applaud the
Center for Audit Quality’s investor-focused mission and look
forward to playing an active role in its governance.”

Hooper, who currently serves on the boards of directors of three
corporations and chairs the audit committees for two, said: “My
long service as an independent audit chair and career in board
recruitment have reinforced my belief in reaching out to
individuals beyond the firm or profession in question. The CAQ’s
commitment to a dialogue that encourages such ‘outside-in’ thinking
is to be commended.”

Paine, a professor of business administration at the Harvard
Business School, also hopes to broaden CAQ’s current direction.
Much of her work has centred on researching the leadership and
governance of influential companies.

The new additions to the CAQ team will aim to offer alternative
viewpoints to those currently adopted by the CAQ and will further
support the board’s fundamental concept that a vigorous public
company auditing profession is crucial to the public interest and
capital markets.

Cindi Fornelli, executive director of the CAQ said: “The diverse
public interest perspectives of these three outstanding individuals
will allow us to develop our direction and growth, as well as
expand dialogue on investor needs, the capital markets and audit

The CAQ consists of approximately 800 public accounting firms and
is directed by a governing board that features leaders from the
public company auditing firms, the American Institute of Certified
Public Accountants and the investor and issuer