Former US accounting watchdog head William McDonough has joined investment
bank Merrill Lynch as vice-chairman.
McDonough, former chairman of the Public Company Accounting Oversight Board
and once-president of the Federal Reserve Bank, will serve as a special adviser
to chairman and CEO Stan O’Neal.
‘Bill has earned the respect of the financial markets, US and international
regulators, and the financial services industry, where he has been a legendary
leader for many years,’ said O’Neal.
‘We look forward to the valuable contributions he will make as an advisor to
senior management, and in our business development efforts with governments and
financial institutions around the world.’
McDonough served as the first chairman of the PCAOB from June 2003 until
November 2005. The PCAOB is a government-affiliated oversight body established
as a result of the Sarbanes-Oxley Act that sets standards for accounting firms,
monitors their work and oversees enforcement of applicable laws.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group