Goldschmid Named to Audit Quality Board

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September 13, 2007 (NEW YORK) – Columbia Law School Professor Harvey Goldschmid ’65 was named today to the board of the Center for Audit Quality (CAQ), a nonprofit organization whose mission is to improve the reliability of public audits and boost investor confidence.

“Audit excellence is critical to the future success of our capital markets,” said Goldschmid, “and I am delighted to have the opportunity to strengthen the quality of what’s being done today.”

Goldschmid, senior counsel at Weil Gotshal & Manges and a former commissioner of the United States Securities and Exchange Commission, is one of three public members named to the CAQ board. The other appointees are Michele Hooper, co-founder of the Director’s Council, and Lynn Paine, professor at Harvard School of Business.

“The diverse public interest perspectives of these three outstanding individuals will allow us to broaden our direction and growth, as well as expand dialogue on investor needs, the capital markets and audit quality,” said Cindy Fornelli, executive director of the CAQ, in a written statement. 

CAQ, in operation since January 2007, educates policymakers, gives technical support to public company auditing professionals and helps push for modernizing business reporting.

The 12-member board oversees CAQ’s activities as well as establishes committees, advisory groups and task forces as necessary. In addition to the three new public members, the leaders of eight public company auditing firms and the head of the American Institute of Certified Public Accountants – with which CAQ is affiliated – sit on the board. 

Goldschmid, whose current research and teaching focus on corporate law, securities regulation and antitrust, is the Dwight Professor of Law at Columbia University School of Law.  He served as a commissioner of the SEC from 2002 to 2005, was formerly the general counsel for the SEC from 1998 to 1999 and later served as special senior advisor to SEC Chairman Arthur Levitt. In August 2007, he was named to the board of the Financial Industry Regulatory Authority, the new regulator for all securities brokers and dealers doing business with the public in the United States.

Columbia Law School, founded in 1858, stands at the forefront of legal education and of the law in a global society. Columbia Law School joins traditional strengths in international and comparative law, constitutional law, administrative law, business law and human rights law with pioneering work in the areas of intellectual property, digital technology, sexuality and gender, and criminal law.