U.S. Audit Overseer Resigns After 18 Days

CNBC reports that former US spy-master William Webster, the only man to have headed up both the FBI and CIA, has resigned as head of a new audit oversight board just 18 days after his appointment was confirmed. The resignation was not unexpected.

Webster was under fire almost from word go. The US Securities & Exchange Commission (SEC) only just voted him in 3-2 and he was seen very much as SEC chairman Harvey Pitt's choice. Pitt himself resigned last week.

The former FBI and CIA boss has also been criticised as he was head of the audit committee of US Technologies, a company which is currently being sued by shareholders for alleged fraud. Although there is no suggestion of wrongdoing on Webster's part, some have wondered how he could hope to oversee the whole accounting profession if the alleged fraud at US Technologies passed him by.

Webster said that 'I now believe my continued presence on the board will only generate more distractions which will not be helpful to the important mission of the board. Those who know me will appreciate that I do not abandon duty lightly. It is time to clear the air'.

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