Accountants Board Tin Ear Now Golden

Charles Elson, director of corporate governance at the University of Delaware, agreed, saying that experienced people don't come cheap. Moreover, he noted, incoming members need a big incentive to come to an organization that potentially faces a lot of criticism and does not yet have a leader.

The Securities and Exchange Commission named Charles Niemeier acting chief of the board Thursday but has not yet appointed a permanent successor to William Webster, who resigned as chairman in November after it emerged that he had worked on the audit committee of U.S. Technologies, a company accused of fraud.

Lawrence Brown, an accountancy professor at Georgia State University, pointed out that while $452,000 may seem like a hefty sum, it is, according to the board, in line with what members of the Financial Accounting Standards Board get paid. Still, he added, the board's members soon will be under intense pressure to show they're worth it.

"They can't claim they're part-timers," he said. "They better be doing something."