PCAOB Names ODU Professor Michael Stein as Its First Academic Fellow

Michael Stein, professor of accounting in Old Dominion University's College of Business and Public Administration, has been named the inaugural Academic Fellow by the Public Company Accounting Oversight Board.

The PCAOB is a private-sector, nonprofit 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.

Stein will be assigned to the board's Office of Research and Analysis for the 2010-11 academic year. The ORA identifies and analyzes emerging accounting and auditing issues and other risk areas that may contribute to audit failures.

Stein will undertake projects in support of both the board's strategic plan and ORA's work plan. Such projects may include research on accounting and auditing matters, risk-assessment research, and/or other research and work relating to PCAOB activities.

Daniel L. Goelzer, acting chairman of the PCAOB, cited Stein's considerable knowledge of the accounting and auditing issues the board was created to address as a key factor in his selection as the inaugural Academic Fellow. "His depth of experience, technical research expertise and focus on education will translate well to the mission and duties of the PCAOB," he said. "He is clearly suited for the fellowship, and we believe that the PCAOB will greatly benefit from the insights of Professor Stein."

Stein, who joined ODU in 2006, has published articles in leading academic journals on topics including audit quality and audit market competitiveness; the pricing of litigation risk in audit fees; the measurement and identification of factors contributing to auditor productive efficiency; the estimation of auditors' materiality assessments; auditor changes and auditor tenure; and the measurement of the value of audits.

He has completed multiple appointments as an editorial board member for The Accounting Review and Contemporary Accounting Research publications. He recently finished a term as an associate editor for the journal Auditing: A Journal of Practice & Theory.

Stein's 12-month fellowship begins July 26.