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BUSINESS
November 6, 2002 | From Bloomberg News and Times Staff Reports
Nine days before the first scheduled meeting of the Public Accounting Oversight Board, the panel has no budget, no office, no staff -- and maybe no leader. "Dates for two meetings have been set. I'm not aware of anything else that's been done," said Willis Gradison, a former Republican congressman from Ohio and a member of the new board.
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BUSINESS
November 6, 2002 | From Bloomberg News and Times Staff Reports
Nine days before the first scheduled meeting of the Public Accounting Oversight Board, the panel has no budget, no office, no staff -- and maybe no leader. "Dates for two meetings have been set. I'm not aware of anything else that's been done," said Willis Gradison, a former Republican congressman from Ohio and a member of the new board.
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BUSINESS
August 18, 2004
The Public Company Accounting Oversight Board, created by Congress to serve as an independent watchdog over the accounting industry, said it would open a Southern California regional office in Costa Mesa. The 20-member staff will conduct inspections at companies throughout the U.S.
BUSINESS
November 18, 2005 | From Bloomberg News
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.
BUSINESS
September 24, 2005 | From Reuters
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.
BUSINESS
February 28, 2003 | From Reuters
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.
BUSINESS
June 20, 2006 | From the Associated Press
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.
BUSINESS
April 26, 2003 | From Bloomberg News
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.
BUSINESS
March 20, 2003 | From Bloomberg News
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.
BUSINESS
May 3, 2007 | From Bloomberg News
Ernst & Young, one of the four biggest U.S. accounting firms, didn't catch errors that were probably relevant to companies' financial statements and failed to perform some required procedures in the audits it conducted, the federal regulator that oversees accounting firms said Wednesday. The Public Company Accounting Oversight Board's findings arose from its 2006 review of the firm's audits. The board was created under the 2002 Sarbanes-Oxley law.
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