SEC approves watchdog chief
William J. McDonough has been formerly appointed as the chairman of the US accountancy watchdog, the body charged with policing the profession and establishing new standards for auditors.
His appointment was approved by the US Securities & Exchange Commission yesterday, after his name was put forward by SEC commissioners in April.
McDonough will formerly take charge of the Public Company Accounting Oversight Board on 11 June, earning a salary of $556,000 a year.
He has pledged to restore investors’ trust in auditors, but will take charge of a body, which has endured a rocky beginning.
William Webster, former head of the FBI and the original choice to take on the post, was forced to resign over a scandal involving an audit committee he headed up, which was found to be under SEC investigation.
McDonough will move across to the PCAOB from his position as president and chief executive of the Federal Reserve Bank of New York.