William Webster reportedly said he is likely to step down as chairman of the new accounting oversight board amid questions surrounding his involvement in a failed Internet firm.

In an interview with

The Wall Street Journal

, he said, "I am terribly concerned about my value to the board at this point."

He said he hasn't made a final decision, but that he doesn't want controversy to hinder the work of the

Securities and Exchange Commission's

new accounting watchdog, according to the report.

The accounting oversight board is due to meet for the first time Wednesday.

Webster was a director and head of the audit committee of

U.S. Technologies

, a now-insolvent Internet incubator and holding company. Its chairman has been accused in civil suits of accounting improprieties and shareholder fraud.

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