The US Public Company Accounting Oversight Board (PCAOB) has announced that Dr. Andres G. Vinelli, Chief Economist, Standards and Risk Assessment, is stepping down after 10 years. Dr. Vinelli led the cost-benefit analysis for all rulemaking and standard-setting and provided advice on risk assessment matters.
When Dr. Vinelli joined the PCAOB as Chief Economist, he spearheaded the expansion of data analytics, quantitative risk models, and the development of macroeconomic analysis to identify areas of financial reporting risk on exchange-listed companies. He regularly briefed the Board on issues of macroeconomic risk and quantitative models.
During his tenure, Dr. Vinelli pioneered and oversaw the programme on cost-benefit analysis of new rules, including effects on investor protection, as well as efficiency, competition, and capital formation. This multidisciplinary perspective is now embedded in all new rules and professional standards from an early stage of development, including the analyses that led to the modernization of the auditor’s reporting model and the rule on audit transparency, providing for disclosure of engagement partners and other firms that participate in audits. He also managed the business intelligence and surveillance units and helped launch a multi-year technology reassessment initiative.
Prior to joining the PCAOB, Dr. Vinelli was the Chief Economist of FINRA, the largest private-sector financial regulatory organization in the world. Previously, he was the Special Assistant to the Chairman and CEO of NASD, where he had an active role in the implementation of corporate strategy including the regulation of the NASDAQ market and broker-dealers.