|FOR IMMEDIATE RELEASE:||
CONTACT: Jesse Jacobs - 202-224-4524
|Thursday, December 19, 2002||
Craig Davis - 202-224-7391
"The findings in this report indicate that the process for selecting the Chairman of the Public Accounting Oversight Board was fundamentally flawed. The SEC leadership failed in its first and most critical task in implementing the accounting reform and investor protection legislation.
"The SEC now needs to move beyond this incident to develop and implement a selection process that will assure the appointment of a Chairman of the Oversight Board who is an individual of stature and competence and who is committed to implementing the letter and spirit of the legislation."
The report may be viewed online at the GAO website by following this link: www.gao.gov. Report number GAO-03-339.