FOR IMMEDIATE RELEASE
2004-7
Washington, D.C., Jan. 16, 2004 — Securities and Exchange Commission Chairman William H. Donaldson today announced the selection of Andrew D. Bailey, Jr. to serve as Deputy Chief Accountant for the Commission. In this capacity, Bailey will share with Scott A. Taub, current Deputy Chief Accountant, responsibilities for the day-to-day operations of the Office of the Chief Accountant, including resolution of accounting and auditing issues, rulemaking projects, and oversight of private sector standard-setting efforts and regulation of auditors. Bailey will work closely with the Public Company Accounting Oversight Board on all auditing-related matters.
SEC Chief Accountant Donald T. Nicolaisen said, "I am delighted that Andy has agreed to join the Commission. Having a person of his experience, intellect and academic credentials contributes significantly to the Commission's efforts to improve the quality and independence of the auditing profession. I'm confident that his experience, combined with his enthusiasm for positive change, will greatly benefit the Commission and the investing public."
Bailey was most recently a Chaired Professor of Accounting at the University of Illinois at Urbana-Champaign. Bailey was Chairman of the Departments of Accounting at the Universities of Minnesota, Arizona and Illinois and has served on the faculties of several foreign universities. Bailey is past President of the American Accounting Association (AAA) and the Auditing Section of the AAA. His research interests include auditing and information systems topics. The results of his research have appeared in prominent academic journals. Bailey served as the Academic Accounting Fellow in the Office of the Chief Accountant from August 2000 to July 2001. As the Academic Fellow, he participated in a wide variety of accounting, auditing and rulemaking activities, including drafting portions of the Commission's releases on auditor independence.
Bailey, 61, received his Ph.D. from the Ohio State University in 1971. He is a C.P.A., C.I.A. and C.F.E. He will assume his new duties at the SEC on Tuesday, Jan. 20.