In March, the Public Oversight Board (POB) of the AICPA's SEC Practice Section (SECPS) announced the election of Paul H. O'Neill to the board. O'Neill is chair and a director of Alcoa, having served as the company's chair and CEO from June 1987 to May 1999. Previously he was president of International Paper Company in New York, where he also served as senior vice president of planning and finance.
"In his business and public policy career, O'Neill has developed an insightful knowledge of the accounting profession and the significant contributions it makes to corporate governance and our capital markets," POB Chair Charles A. Bowsher said. "He is particularly well versed in the current challenges that the profession faces. His knowledge will serve the board well as it embarks on the special reviews of large accounting firms' compliance with the profession's and the SEC's independence rules."
Also in March, the AICPA announced that Mark V. Sever, a partner of Ernst & Young LLP, will chair its Accounting Standards Executive Committee (AcSEC), effective in October. Sever, a current AcSEC member, will succeed David Kaplan of PricewaterhouseCoopers, who is completing his three-year term.
Sever serves as professional practice director for Ernst & Young's Lake Michigan area office. He is also a member of the firm's accounting and auditing committee and teaches the firm's professional development courses on derivative products and SEC accounting and reporting. From 1985 to 1987, he took a leave of absence from the firm to work for FASB as a practice fellow. *
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