PracticeAuditSEC names new head of audit watchdog

SEC names new head of audit watchdog

The US Securities & Commission has unanimously nominated William J. McDonough, the current president of the Federal Reserve Bank of New York, to lead the new accounting watchdog.

Link SEC takes no chances with watchdog chairman

McDonough will formally take charge of the Public Company Accounting Oversight Board, after a ‘complete background check’ is completed by the SEC.

The SEC will want to make no mistakes with McDonough’s appointment. The previous chairman, William Webster, former head of the FBI, lasted just weeks in the job, after it emerged that he had been chairman of an audit committee of a technology company that was under federal investigation.

McDonough, though has an impeccable CV, having held his position at the NY Reserve Bank since 1993, prior to that he spent 22 years at First Chicago Corporation.

He will give up his role in New York when he assumes control of the PCAOB.

SEC chairman William Donaldson thanked acting chairman Charles Niemeier for the work he had done, and said in the case of McDonough, the SEC had found some one ‘who not only meets the criteria outlined in the Sarbanes-Oxley Act, but who also lives up to the additional standards that we all agreed were important including independence and keen understanding of financial markets’.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

7d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

2w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter