Wells Fargo is searching internally and externally for a new chief auditor, and Kimberly Bordner, current executive audit director, will serve as Julian's replacement in the interim.
She previously worked at the BBC as head of internal audit and financial director for BBC Productions.
Not only was Robert Allgyer, the Andersen partner in charge of Waste Management's audit, also the marketing director for the firm's Chicago office, but he worked for his audit client in another capacity as well.
"Investors rely on auditors and are betrayed when auditors fail to conduct diligent audits," said Thomas C. Newkirk, associate director for enforcement at the S.E.C. "In this case, senior management was looting the company, and Scalzo was confronted with numerous warning signs about management's integrity.
His father retired from the London office of Bankers Trust, where he was the managing director for credit audits for Europe, the Middle East and Africa.
The partner in charge of the Waste Management audit, Robert F. Allgyer, was also the marketing director for Andersen's Chicago office, and his compensation depended in part on his great success at selling consulting services to Waste Management.
This means a board might choose a vice president with expertise in accounting for the audit committee, for example, or a human resources director for her people skills.
"We were very disappointed when Sen. Sanders gutted Audit the Fed in 2010 and are even more disappointed that he has thus far refused to cosponsor Audit the Fed this Congress," said Megan Stiles, communications director for Paul's Campaign for Liberty.
"A firm is responsible for its audit reports and the quality of its audits," said Claudius B. Modesti, the accounting board's director for enforcement and investigations.
David Fisher, OFT senior director for Consumer Credit, said: "We are evaluating the audit reports sent in by payday lenders and will announce any further action in due course.
Paul George, executive director for corporate governance and reporting, and Melanie McLaren, executive director for audit and actuarial regulation, have both stood down, according to a filing at Companies House.
