SEC Announces Search for PCAOB Chair Successor & New Board Members

By Randi Morrison posted 08-11-2017 06:01 PM

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SEC Chair Jay Clayton announced today that PCAOB Chair Doty, who was appointed in 2011 and whose term has expired, has agreed to continue to serve as Chair of the Board as the SEC commences a search for his successor and new Board members to transition to new leadership.

According to SOX, the Board should be composed of five members — two of whom must be CPAs, and three of whom must not be — serving for staggered five-year terms. However, currently, one of the five seats is vacant, two are held by Steven Harris and Lewis Ferguson - whose terms also have expired, and one is held by Jeanette Franzel - whose term will expire in two months.

Here is the Board member selection process set forth in Clayton's statement for those who may be qualified and interested:

SOX requires that PCAOB Board members be 'appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures.'

Individuals meeting the statutory criteria who would like to be considered for a Board seat should submit the following to Board-recommendations@sec.gov by September 1, 2017: (1) a cover letter, discussing the statutory qualifications listed above; and (2) a current résumé or curriculum vitae.

See also this WSJ article, and numerous resources on our PCAOB topical page.

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