Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, May 20, 2011

SEC Looking for CPA for PCAOB Board

Do you know someone who is well-qualified to serve on the Public Company Accounting Oversight Board?  The SEC is seeking suggestions.  Sarbanes-Oxley requires that 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.” Currently, the Commission is seeking a candidate for the Board who is, or has been, a Certified Public Accountant (CPA).

At its website the SEC has posted sample letters that have been sent to seek input that describe the minimum qualifications in greater depth.  Names and qualifications should be submitted for consideration by June 17.

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