November 18, 2005 |
Securities and Exchange Commission Chairman Christopher Cox said Thursday that he didn't expect to name a permanent successor for William McDonough, head of the board that oversees U.S. auditors, by the time McDonough departed Nov. 30. Cox said he would "in all likelihood" name an acting chairman to lead the Public Company Accounting Oversight Board until a successor is named.
September 24, 2005 |
William McDonough said he would step down as chairman of the Public Company Accounting Oversight Board, a U.S. panel created to clean up the auditing business after a series of corporate scandals. McDonough, 71, said he would resign effective Nov. 30 or when his successor was in place. The outspoken and often irreverent former president of the New York Federal Reserve managed the creation of the accounting board almost from scratch.
February 28, 2003 |
The accounting oversight board set up to regulate the accounting industry said it would vote next week on adopting a system to register accounting firms, marking the start of its rule-making initiatives. Under the Sarbanes-Oxley Act passed last summer, all accounting firms that audit public companies must register with the Public Company Accounting Oversight Board. The firms have 180 days to register with the board once it is fully operational.
June 20, 2006 |
Federal Reserve Gov. Mark W. Olson has been named chairman of the independent board overseeing the accounting industry that arose from the 2002 corporate scandals, it was announced Monday. Christopher Cox, chairman of the Securities and Exchange Commission, appointed Olson to the position, in consultation with the Fed and the Treasury Department and with the approval of the other SEC commissioners.
April 26, 2003 |
The U.S. accounting industry's new oversight board gave Chairman William McDonough power to fire senior staff without board approval in most cases, prompting the Securities and Exchange Commission to approve the board's structure and organization. The amendment to the Public Company Accounting Oversight Board bylaws just beat the April 26 deadline set by federal corporate governance law for the SEC to determine that the board is properly set up.
March 20, 2003 |
The U.S. accounting oversight board, established to clean up the industry, accepted free office space for a meeting from a law firm that represents accounting firms and corporations that have business before the panel. Board members held a closed meeting with representatives of public companies at the Capitol Hill offices of Jones Day, whose clients include the four biggest accounting firms: KPMG, PricewaterhouseCoopers, Deloitte & Touche and Ernst & Young.