Carcello resigns from audit board

Long-time Knox County Audit Committee Chairman Joe Carcello, who led the panel as it looked into a series of financial scandals, has resigned.

In a letter sent to Knox County commissioners on Tuesday, Carcello said the committee “has made a contribution to improving financial reporting and controls over the seven years it has been in existence, and it has been my pleasure to work with you and other Audit Committee members during that time.”

Carcello, who served as chairman of the 5-member committee since its inception, said his resignation is effective immediately.

The County Commission, on Monday, will talk about replacing him during its monthly work session.

“He has been a valuable asset for Knox County,” said commission Chairman Dave Wright. “He’s been a driving force in keeping us in line – bringing us the information so we know what the rules of the road are.”

Wright said Carcello “will be tough to replace.”

“He’s done an exceptionally focused job, helping us to make sure we can do things as best we can,” he added.

Carcello, an accounting professor at the University of Tennessee since 1992, became the department head, Ernst & Young, and business alumni professor in the Department of Accounting and Information Management, Haslam College of Business at UT in January 2014.

He also serves as a member of the Securities and Exchange Commission’s investor advisory committee.

In his resignation letter, he said those duties "coupled with all of my other faculty responsibilities, has me working 6-7 days every week and late into the evening on most nights."

He added: “This situation has become increasingly untenable, so I have begun the process of identifying activities that I can exit.  Unfortunately, chairing the Knox County audit committee is more peripheral to my day-to-day responsibilities at UT than my other activities.”

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