July 20, 2009

CAQ Governing Board Leadership Re-elected

~~James Turley Remains Governing Board Chair; Michele Hooper and Barry Melancon to Extend Service as Co-Vice Chairs; Lynn Paine Re-elected as Public Board Member~~ 

Washington, D.C. – The Center for Audit Quality (CAQ) today announced the re-election of its Governing Board leadership in a series of actions that extend the successful governance of the public policy organization. 

James Turley, chairman and chief executive officer of Ernst & Young LLP (E&Y), was unanimously re-elected to serve a second term as chair of the CAQ’s governing board.  

Michele Hooper, co-founder of The Directors’ Council, and Barry Melancon, president and chief executive officer of the American Institute of Certified Public Accountants (AICPA), will continue in their roles as the CAQ’s co-vice chairs.  

In addition, Lynn Paine, a professor of business administration at the Harvard School of Business, has been re-elected as a CAQ public board member.

“I’m delighted that Jim, Michele and Barry will remain in leadership roles, and that we will also continue to benefit from Lynn’s corporate governance expertise,” said CAQ Executive Director Cindy Fornelli. “Since the CAQ’s formation in 2007, our governing board has placed and then kept investor interests atop our agenda. Their re-election provides essential continuity for strategic oversight of the CAQ’s staff as we work to enhance investor confidence and public trust in the global capital markets.”

As chairman and chief executive officer of Ernst & Young globally, Turley is committed to setting a clear and strong “tone from the top” around the key issues of quality, integrity and professionalism. He began his career with E&Y in 1977 and has since held a series of leadership positions throughout the organization.

“In only two years, the CAQ has made great strides in becoming an important voice in public policy debates impacting investors, public company auditors and the markets,” Turley remarked. “Going forward, the Center can be expected to engage in further collaboration with stakeholders to advance issues requiring the profession’s action, as well as in advocating policies and standards that promote auditors’ objectivity, effectiveness and responsiveness to dynamic market conditions.”

In addition to her responsibilities at The Directors’ Council, Hooper serves on the boards of directors of four corporations and chairs the audit committees for two. Melancon has headed the AICPA, the national professional organization of CPAs, since 1995. 

“Michele Hooper and Barry Melancon have brought the essential perspectives of audit committee members and smaller audit firms, respectively, to the governing board’s discussions,” Fornelli explained. “Michele has taken a special interest in the CAQ’s effort to work with stakeholders to more effectively deter and detect financial statement fraud, while Barry has an understanding of the CPA profession as a whole.”

Governing Board member Lynn Paine is a John G. McLean Professor at the Harvard Business School, where she is a member and former chair of the General Management unit. She currently heads the Leadership and Corporate Accountability group and teaches in the Advanced Management Program. Paine also serves on the board of directors of RiskMetrics Group. 

“With her special focus on leadership and governance, Lynn has brought unparalleled expertise to the governing board’s deliberations as one of the CAQ’s three public board members,” said Fornelli. 

# # # 

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