PracticeAuditSEC takes no chances with watchdog chairman

SEC takes no chances with watchdog chairman

The US Securities & Exchange Commission is seeking to avoid the fiasco which surrounded the last appointment of a chairman to lead the new accountancy watchdog, by drawing up an official recruitment process.

Link: US oversight board gets temporary head

According to reports, the SEC has taken advice from a damning Congressional report on the fiasco, and is busy drafting a procedure to be presented to commissioners for approval in the next few days.

All though no details of what will be included in the recruitment process are known, it is expected to clearly define the roles of commissioners and staff in vetting candidates.

The move to shore up its recruitment process for choosing a chairman of the Public Company Accounting and Oversight Board follows the appointment and subsequent resignation of William Webster, the former FBI chief.

He resigned soon after then-SEC chairman Harvey Pitt, after it was discovered that Webster once headed the audit committee of a company under investigated by the securities watchdog.

Finding someone to lead the PCAOB is the top priority for new SEC chairman William Donaldson.

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