FILE PHOTO: The seal of the U.S. Securities and Alternate Fee (SEC) is seen at their headquarters in Washington, D.C., U.S., Could 12, 2021. REUTERS/Andrew Kelly
June 4, 2021
WASHINGTON (Reuters) -The U.S. Securities and Alternate Fee on Friday stated it has voted to take away the pinnacle of the accounting oversight board that units requirements for audits of public corporations and left the remainder of the members on discover.
The SEC voted to take away William Duhnke III from his position as chairman of the Public Firm Accounting Oversight Board, efficient Friday, the company stated in an announcement. The opposite 4 members will keep on, however the SEC is soliciting resumes for these roles.
The transfer to take away the pinnacle of a watchdog critics have described as toothless marks a significant warning shot by the brand new SEC chair, who took the helm on the prime markets regulator in mid-April.
“The PCAOB has a possibility to dwell as much as Congress’s imaginative and prescient within the Sarbanes-Oxley Act,” SEC chair Gary Gensler stated within the assertion, referring to the 2002 legislation that established the board.
It additionally comes amid strain from some Democratic lawmakers, who’ve stated the board has been falling down on its job to supervise audit companies meant to maintain publicly traded corporations in examine.
Duane DesParte, who joined the board in 2018, will function performing chair, the SEC stated.
(Reporting by Chris Prentice and Katanga Johnson; Modifying by Leslie Adler)