PCAOB chairman resigns

Mark Olson, chairman of the US Public Company Accounting Oversight Board, said he is resigning his post at the end of July, but did not elaborate on the reasons, WebCPA reported.

In a letter of resignation, Olson, 66, simply said, “The decision is entirely personal and reflects my desire at this time of life to establish new priorities,” WebCPA said.

Olson was named PCAOB chairman on June 26, 2006, after serving on the board of governors of the Federal Reserve, according to WebCPA. The resignation will take effect after more than three years of service in the job, on July 31, 2009.

He was appointed by the SEC to run the board, which inspects accounting firms that perform audits on public companies.

The PCAOB is also due to begin inspecting accounting firms that audit non-public broker-dealers, such as the three-person accounting firm that audited Bernard Madoff’s investment management firm.

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PCAOB Chairman Olson Resigns