POB grants McCloy award to Franklin.

AWARD TO FRANKLIN

The Public Oversight Board presented its John J. McCloy Award for outstanding contributions to audit excellence to Barbara Hackman Franklin. Franklin, nominated to be U.S. secretary of commerce, is president of her own Washington, D.C., consulting firm. She is a former public member of the American Institute of CPAS board of directors and currently is a member of the AICPA auditing standards board planning committee. In presenting the award, A. A. Sommer, Jr., POB chairman, said, Through her participation on numerous boards of directors and their audit committees and long term contributions to the AICPA board of directors, Franklin has become a leading expert and commentator on the corporate audit process."

The citation presented by the POB with the McCloy award read, in part, "Franklin, by her leadership on the audit committees on which she has served, has provided a model for all who serve in such posts, and in doing so has advanced the cause of sound auditing immeasurably.... In bestowing the McCloy award upon her, the Public Oversight Board ... underscore[s] the importance it attaches to audit committees if the fullest potential of the financial reporting process is to be achieved."