• Register
Return to: Home > News > Professional Bodies > PCAOB chairman is stepping down as soon as a successor is found

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.

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.