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SEC Removes PCAOB Chair and Announces Plans for Board Overhaul

Client Updates

Last week, the Securities and Exchange Commission signaled increasing scrutiny over public-company auditors.  On June 4, 2021, the SEC announced it had removed William D. Duhnke III as PCAOB Chairperson and that it intends to seek candidates to fill all five Board seats, three of which remain currently occupied.  With the announcement, SEC Chair Gary Gensler stated: “The PCAOB has an opportunity to live up to Congress’s vision in the Sarbanes-Oxley Act.”  He commented that he is looking forward to working with “the staff of the PCAOB to set it on a path to better protect investors by ensuring that public company audits are informative, accurate, and independent.”  Duane M. DesParte, who was appointed to the Board in December 2017, will serve as Acting Chairperson.

The SEC’s June 4, 2021 announcement is available here: https://www.sec.gov/news/press-release/2021-93

 

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