August 25, 2009

CAQ Applauds James Kroeker’s Appointment as SEC Chief Accountant

Washington, D.C. – The Center for Audit Quality (CAQ) issued the following statement from Executive Director Cindy Fornelli reacting to the appointment of James Kroeker as Chief Accountant at the Securities and Exchange Commission (SEC):

“The CAQ congratulates James Kroeker on his appointment as SEC Chief Accountant.

In his current role as acting Chief Accountant and his prior position of Deputy Chief Accountant, Jim has consistently demonstrated his commitment to investors and the capital markets through efforts to improve financial reporting and reduce the complexity of financial disclosure. This commitment, which included leading the SEC’s Congressionally-mandated study of fair value accounting standards, will no doubt continue as he formally heads the SEC’s Office of the Chief Accountant (OCA).

His focus on the needs of investors is in keeping with SEC Chairman Mary Schapiro’s framework for restoring investor confidence, and is aligned with the CAQ’s mission to serve investors through improved audit quality.

The accounting and auditing profession will be well-served by Jim’s leadership of the OCA, and we at the CAQ look forward to working with him in his new capacity.”

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The Center for Audit Quality (CAQ) is an autonomous public policy organization serving investors, public company auditors and the capital markets. The CAQ’s mission is to foster confidence in the audit process and to aid investors and the markets by advancing constructive suggestions for change rooted in the profession’s core values of integrity, objectivity, honesty and trust. Based in Washington, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants. For more information, visit www.thecaq.org