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PCAOB chairman is stepping down as soon as a successor is found

The USA SEC chairman Jay Clayton has announced that the Public Company Accounting Oversight Board (PCAOB) chairman James Doty will be stepping down as soon as a successor and new board members are appointed.

The Sarbanes-Oxley Act of 2002 (SOX) provides that the PCAOB is governed by a Board of five members consisting of two certified public accountants, and three that are not, to serve for five year terms. Of the five PCAOB Board seats, one is vacant, two are held by members whose terms have expired, and one is held by a member whose term will expire in two months.

Doty began his tenure in 2011 and Clayton said that Doty has played a critical role in the development and success of the organisation. Clayton said that one of his priorities in assuming the SEC chairmanship was to initiate a process to bring the PCAOB to full strength given the importance of the PCAOB to capital markets.

“I am very pleased that Chairman Doty has agreed to continue to serve as the Chairman of the PCAOB as we commence the process for appointing his successor and new Board members.  I believe this will ensure the continued execution of the PCAOB’s mission as the PCAOB transitions to new leadership,” Clayton said.

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