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College Fund Trustee Arthur S. AinsbergBecomes Chairman of Centers New Advisory Board

Accounting Professor Steven B. Lilien Named Director,Replacing Douglas Carmichael, Now Chief Auditor for thePublic Company Accounting Oversight Board

BARUCH COLLEGE, NEW YORK, NY Baruch College President Ned Regan has announced two significant appointments for Baruch Colleges influential Center for Financial Integrity, naming Arthur S. Ainsberg to the newly created position of chairman of the Centers advisory board and accounting professor Steven B. Lilien as its new director.

In making the announcement, Regan said, The Center for Financial Integrity has been a leading source of information, scholarship, and critical thought in the areas of financial reporting, auditing, institutional investors, and corporate accountability and ethics since well before the Enron scandal put those issues on the front page. We are proud that Arthur Ainsberg will act as guiding force and leader for the CFIs new advisory board. With Arthur's experience and energy, the Center will grow and become a stronger resource for the corporate and auditing communities, as well as for scholars, students, and the business media.

Regan also said, Steven B. Lilien is widely published and nationally respected for his work on exactly the issues of integrity, governance, and auditing practices that the Center confronts as part of its intellectual mission. He is the ideal figure to succeed Doug Carmichael that we have two such figures at Baruch gives testimony to the depth and quality of Baruchs Stan Ross Department of Accounting and the whole Zicklin School of Business.

The founding director of the Center, Douglas Carmichael, a long-time critic of self-regulation and ethical standards in the accounting and auditing industries, was selected earlier this year as chief auditor for the SECs new Public Company Accounting Oversight Board.

In the past year, the Center has sponsored major events on Sarbanes-Oxley and principles-based accounting, among other topics, bringing together market participants to discuss corporate and regulatory reforms, ethics, and financial disclosures. Recent guests of the center have included SEC Commissioner Harvey Goldschmid, FASB Chairman Bob Herz, former GE CEO Jack Welch, and former Federal Reserve Chair Paul Volcker. The Center will announce its fall activities later this week.

Within Baruch College and the City University, the Center also promotes sponsored research, curricular development, and corporate outreach in the areas of financial ethics, corporate governance, and accounting standards reform.   


Arthur S. Ainsberg has extensive experience in the securities markets and the accounting profession. A certified public accountant since 1971, he served as chairman of the New York State Board for Public Accountancy from 1998 to 2000 and was a member of the Board from 1993 to 2001. From 1997 to 2000, he was a member of the board of District 10 of the NASD. He was the founding chief financial officer of Odyssey Partners, one of the largest and most successful hedge funds in history. For the past seven years, he has been a member of the Board of Directors of Nomura Securities, Inc., serving throughout that time as chairman of the audit committee and member of the compliance committee. In addition, he is a widely recognized expert witness who has testified in a number of accounting and securities fraud cases. He holds a BBA degree from Baruch College (68) in accounting and an MBA in finance (72) and has been a trustee of the Baruch College Fund since 1995. At Baruch, he has endowed an annual entrepreneur competition, which in the past three years has provided over $200,000 to fund start-up businesses owned and managed by Baruch students.


Steven B. Lilien , PhD, CPA was chairman of the Stan Ross Department of Accountancy for fifteen years and is now the Weinstein Professor of Accountancy, at the Zicklin School of Business, Baruch College, CUNY. He has published extensively in the governance area with forthcoming co-authored articles on executive compensation in the Journal of Business and on pro-forma earnings in the Harvard Business Review. He has served as a consultant on financial accounting and auditing for international and regional CPAs as well as for governmental agencies and law firms. He is a governor of the New York Chapters of Financial Executives International and the Institute of Internal Auditors. His articles have appeared in every major accounting journal, and he has co-authored books on financial accounting and auditing and on discovery of accounting information in litigation actions. He was co-editor, with Douglas Carmichael and Martin Mellman, of the Eighth and Ninth Editions of the Accountants Handbook.

Link to Center for Financial Integrity Web Site

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