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February 7, 2011

PCAOB director to retire

The US Public Company Accounting Oversight Board (PCAOB) director of registration and inspection George Diacont will retire next month.

Diacont has been with the PCAOB since the board’s creation in 2003.

The PCAOB said that under Diacont’s leadership, the board has identified numerous accounting and auditing problems and encouraged firms to make appropriate improvements to protect investors’ interests in reliable audits.

“I am extremely fortunate to have had the opportunity to participate in the creation of a division tasked with the public interest responsibility to inspect public accounting firms,” Diacont said.

PCAOB chairman James Doty said Diacont will leave behind a “great legacy”.

Diacont’s successor is yet to be named.

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