The General Accounting Office on July 7, 2004, changed
its name to the Government Accountability Office in accordance with
the GAO Human Capital Reform Act of 2004, which reorganized the
watchdog agency’s personnel management and compensation systems (
www.gao.gov/about/namechange.html ).
The Public Company Accounting Oversight Board (PCAOB)
named Richard D. Clark, CPA, director of the office of financial
analysis and risk assessment, which will collect, assimilate and
analyze risk assessment and other information for the board. Clark has
27 years of experience as a forensic accountant and is a retired Naval
Reserve intelligence officer and former IRS special agent.
Philip T. Calder, CPA, retired as GAO representative on
the Federal Accounting Standards Advisory Board (FASAB), on which he
had served since 1996. Calder joined the GAO after a 35-year career
with Arthur Young & Co. and Ernst & Young.
FASAB’s sponsors—John W. Snow, Treasury secretary; Joshua
B. Bolton, Office of Management and Budget director; and David M.
Walker, U.S. comptroller general—who authorize accounting and
financial reporting standards for federal entities, reappointed three
CPAs to the board: Chairman David Mosso, James M. Patton and John A. Farrell.
| Correction
The glossary that accompanied “ The Lowdown on Lean Accounting ” ( JofA , Jul.04, page 69) incorrectly defined the term inventory turnover. The correct definition is “the ratio of cost of sales to the average value of inventory.” Our apologies for the error. |
