Deputy Chief Auditor Laura Phillips to Leave PCAOB

Washington, DC, April 11, 2007 – The PCAOB announced today that Laura J. Phillips, Deputy Chief Auditor, will leave the Board later this year. Ms. Phillips has been responsible for providing technical direction on the development of the Board’s standards, including ensuring that standards and guidance were communicated to auditors of public companies and other interested parties. Most recently, Ms. Phillips led the PCAOB’s efforts to facilitate implementation of the internal control reporting requirements of the Sarbanes-Oxley Act. Ms. Phillips has not yet accepted another position.

"Laura has been a key member of our team. She is extremely knowledgeable about accounting and auditing issues and has that rare ability to translate very technical concepts into principles that are broadly understood. On top of that, Laura is truly a pleasure to work with," said PCAOB Chairman Mark Olson.

"Serving the Board in its formative years has been an exciting and unique experience. It has been a privilege to play an important role in establishing an oversight framework for the public accounting profession. I look forward to applying my experience in a private sector setting," Ms. Phillips said. "I have greatly enjoyed working with the very talented and dedicated staff at the PCAOB, especially my colleagues in the Office of the Chief Auditor. I am grateful to have had the opportunity to work with the distinguished members of the Board and especially for their support."

"Laura has made enormous contributions to professional standards setting," said Tom Ray, PCAOB Chief Auditor. "It was a privilege to have her as my colleague during these past four years, and I will surely miss her intellect and counsel."

Prior to joining the PCAOB in 2003, Ms. Phillips was a member of the professional staff of Ernst and Young LLP. She graduated from Miami University in 1991.

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The PCAOB is a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.