Schofield, the driving force behind the European PGA Tour force for three decades, will chair the six-man panel set up board.
"I've been appointed as an independent voice and I'll do the job without fear or favour," the 60-year-old said on Tuesday.
The ECB have also assembled their own reveiw group to assess the winter tour which saw Andrew Flintoff's England touring side whitewashed 5-0 in the Ashes series.
The independent review is slated to be far-reaching to establish how England's performances "should be improved in order that England regain the Ashes in 2009 and win an ICC Global one-day event during the period 2007-11."
"The independent assessment will be filed to Lord's prior to the international summer, with meetings planned both in Australia and England before the team sets off for the World Cup," the ECB site statement said.