SEC Loses Another Key Accountant

The man who led the effort to implement Section 404 is following on the heels of his former boss, Donald Nicolaisen.
Stephen TaubNovember 7, 2005

Deputy Chief Accountant Andrew D. Bailey Jr. announced that he will leave the Securities and Exchange Commission in December.

He’ll be following on the heels of his former boss, Donald Nicolaisen. The former chief accountant’s last official day was this past Saturday, according to an SEC spokesman.

Bailey, who joined the regulator in January 2004, worked primarily with the SEC’s Professional Practice Group, focusing on auditing and independence matters. “Andy has successfully led our efforts around many important projects, including the implementation of Section 404 of the Sarbanes-Oxley Act,” said Nicolaisen in a statement, perhaps his last official business with the commission. “He also has been a driving force in establishing our working relationship with the Public Company Accounting Oversight Board.”

As you may remember, two months ago William McDonough resigned as chairman of the PCAOB, effective November 30 or when his successor is in place, whichever is sooner.

Bailey received a bachelor’s and master’s degree in accounting from the University of Minnesota, and in 1971 he received his Ph.D in accounting from Ohio State. He was a professor at a number of schools, and the head of the accounting department at the universities of Minnesota, Arizona, and Illinois. He is also a former director of the Center for International Education and Research in Accounting and a former editor of The International Journal of Accounting.

He and his wife, Irene, who have two children and four grandchildren, will move to Cottonwood, Arizona.