SEC to Name Head of Audit Board

William Webster reportedly is likely to be named head of a new board overseeing the accounting industry.
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The Securities and Exchange Commission reportedly is likely to approve William Webster as head of a new board overseeing the accounting industry.

Harvey Goldschmid, one of two Democrats on the five-member SEC, called for an open meeting Friday to vote on the nominees,

The Wall Street Journal

reported.

Goldschmid is expected to put forward John Biggs, head of the college teachers' pension fund, for board chairman. SEC Chairman Harvey Pitt, who is backing Webster, is likely to prevail by a vote of 3-2, the

Journal

said, but the partisan battle may further tarnish the embattled Pitt's image.

Congress established the Public Company Accounting Oversight Board in response to several accounting scandals. The board's mandate is to govern the standards used by public accountants as well as to examine public audit firms.