Washington, DC — Jeffrey Brown, the Josef and Margot Lakonishok Professor of Business and Dean of the College of Business at the University of Illinois at Urbana-Champaign, has been named to the Center for Audit Quality's (CAQ) Governing Board. Brown will serve as one of the CAQ's independent board members.
"Jeff brings a wealth of capital markets and policy expertise to the Board," said CAQ Governing Board Chair and Deloitte LLP CEO Cathy Engelbert. "He will provide significant value to the CAQ as it seeks to generate and support research that can enhance audit quality and continues to work with the academic community to develop the next generation of talent in the profession."
"The CAQ will benefit greatly from Jeff's deep understanding of economic research," said CAQ Executive Director Cindy Fornelli. "Our independent board members bring insights that provide critical context to the CAQ's important policy work and we welcome Jeff to the Board."
Professor Brown holds a PhD in economics from the Massachusetts Institute of Technology, a Master of Public Policy degree from Harvard University, and a BA from Miami University. He also serves as the Director of the Retirement Research Center at the National Bureau of Economic Research (NBER) in Cambridge, MA. He has served as a Trustee for TIAA since 2009 and serves as Chair of the Audit Committee.
Prior to joining the Illinois faculty, Dr. Brown was an Assistant Professor of Public Policy at Harvard University's John F. Kennedy School of Government. From 2001 to 2002, he served as Senior Economist at the White House Council of Economic Advisers and on the staff of the President's Commission to Strengthen Social Security. He also served as a member of the Social Security Advisory Board from 2006 – 2008 and as a member of the 2015 Social Security Technical Panel.
"Public company auditors play a critical role in our capital markets system," said Dr. Brown. "I am honored to work with this esteemed group of individuals to help guide the CAQ in its mission to serve investors, public company auditors, and the markets at a critical time in the profession's evolution."
The CAQ Governing Board sets the policy agenda and provide strategic oversight for the organization. It is comprised of the chief executive officers from the world's largest public company auditing firms and the American Institute of CPAs, as well as experts from the investor, academic, and issuer communities. Board members are committed to the concept that a robust public company auditing profession is fundamental to the capital markets.
Dr. Brown will fill the board seat vacated by Harvard Business School Senior Associate Dean Lynn Paine whose term has ended. During her tenure she chaired the CAQ's Research Advisory Board, a group that oversees CAQ research initiatives and its academic grant programs.
"Lynn has made numerous and significant contributions to the CAQ Board during her tenure," said Fornelli. "We are grateful for her leadership and wise counsel. Lynn has been a valuable advisor on our research efforts and our critical outreach efforts to the academic community. We thank Lynn for her service and wish her well in her future endeavors."
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The Center for Audit Quality (CAQ) is an autonomous public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors' objectivity, effectiveness, and responsiveness to dynamic market conditions. Based in Washington, DC, the CAQ is affiliated with the American Institute of CPAs. For more information, visit http://www.thecaq.org/.