The Securities and Exchange Commission (SEC) announced this week the appointment of a new chairman and members of the Public Company Accounting Oversight Board (PCAOB).
Officials said William D. Duhnke III has been selected chairman while J. Robert Brown, Kathleen M. Hamm, James G. Kaiser, and Duane M. DesParte are new PCAOB board members.
The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and broker-dealers in order to protect the interests of investors, officials said, advancing public interest in the preparation of informative, accurate, and independent audit reports.
“Bill, Jay, Kathleen, Jim, and Duane bring substantial experience to the Board and a shared commitment to serve in the interests of our Main Street investors,” Jay Clayton, SEC chairman, said. “Their individual and collective talents position the PCAOB to execute its mission effectively in our local, national, and international markets.”
Officials said the PCAOB accomplishes its goals through registering public accounting firms, setting auditing standards, conducting inspections and pursuing disciplinary actions while subject to SEC oversight.
“We look forward to working with these new Board members in connection with furthering the PCAOB’s central mission,” Wes Bricker, the SEC’s chief accountant Wes Bricker said. “The new Board members are well-qualified to lead the PCAOB as it carries out its critical role in promoting investor protection and strengthening audit quality.”