POB Head, One Other Named to Andersen Review Board

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POB Head, One Other Named to Andersen Review Board

NEW YORK -- Paul Volcker, the man tapped to overhaul Andersen, Wednesday named two high-profile members to his independent oversight board, Reuters reported.

Volcker namedCharles Bowsher, a former Andersen partner and Comptroller General of the United States, and P. Roy Vagelos, retired chairman and chief executive of drug company Merck & Co., to join him on Andersen's independent oversight board.

Bowsher leads the Public Oversight board, which monitors the accounting profession's self-regulatory process, although that group voted to disband last month amid criticism that it was ineffectual.

Andersen brought in Volcker, who ran the U.S. Federal Reserve from 1979 to 1987, earlier this month in a bid to shore up a reputation badly scarred by the collapse of its energy trading client Enron Corp.

The advisory panel's seven other members include such well-known financial figures as John Bogle, founder and retired chairman of mutual fund giant Vanguard Group, and John Bohn, retired chief executive of Moody's Investors Service and the U.S. Export-Import Bank.

"We've got a real challenge here," Volcker told reporters gathered at a law firm in midtown Manhattan. "The most important single thing, I think, is that there are strong control procedures so that questions that accountants call technical issues aren't so technical."

-- NYSSCPA.org News Staff