SEC Appoints James R. Doty as Chairman, Jay D. Hanson and Lewis H. Ferguson as Members of PCAOB
FOR IMMEDIATE RELEASE
Washington, D.C., Jan. 7, 2011 — Securities and Exchange Commission Chairman Mary L. Schapiro today announced that the Commission has appointed James R. Doty as Chairman and Jay D. Hanson and Lewis H. Ferguson as members of the Public Company Accounting Oversight Board (PCAOB).
The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and broker-dealers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB accomplishes these goals through registering public accounting firms, setting auditing standards, conducting inspections, and establishing disciplinary programs. The PCAOB is subject to oversight by the SEC.
"Jim, Jay, and Lew bring a deep and diverse perspective to the Board through their substantial experience and commitment to the interests of investors and the public," said SEC Chairman Mary L. Schapiro. "These prominent individuals have in-depth knowledge of the financial reporting system and auditing framework, which will serve the PCAOB well as it executes its rigorous agenda."
Mr. Doty is currently a Partner at Baker Botts LLP in Washington, D.C. He has represented clients on a wide range of securities law matters. He also counsels boards of directors and audit committees on problems arising under the Sarbanes-Oxley Act and related issues. Mr. Doty served as the SEC's General Counsel from 1990 to 1992. He received an LL.B. from Yale Law School, an M.A. from Harvard University, an A.B. from Oxford University, and a B.A. from Rice University.
"I appreciate the confidence that Chairman Schapiro and the Commission have shown in me. I look forward to working with my colleagues on the Board and the staff of the PCAOB," said Mr. Doty. "This is an important time for our capital markets and the Board. There is much work to be done for America's investing public, and I'm eager to get started."
Mr. Hanson is currently a Partner and the National Director of Accounting at McGladrey & Pullen LLP in Bloomington, Minn., with overall responsibility for leading the firm's accounting standards group. He has been with the firm for more than 30 years. Mr. Hanson is a member of the Emerging Issues Task Force of the Financial Accounting Standards Board and Chair of the Financial Reporting Executive Committee of the American Institute of Certified Public Accountants. He received a B.A. from Concordia College.
"The PCAOB fulfills a crucial role to ensure financial information provided to investors is fairly presented," said Mr. Hanson. "The PCAOB's oversight has helped to improve audit quality and strengthen the auditing profession. I'm honored to be appointed to this important role."
Mr. Ferguson is currently a Partner at Gibson, Dunn & Crutcher LLP in Washington, D.C., specializing in securities transactions and disclosure, representation of audit committees and auditors, and corporate governance matters. Prior to joining the firm, Mr. Ferguson served for more than three years as the first General Counsel of the PCAOB. He received a J.D. from Harvard Law School, a B.A. and M.A. from Cambridge University, and a B.A. from Yale College.
"I am honored to have been chosen by the SEC to be a member of the PCAOB," said Mr. Ferguson. "The PCAOB plays an important role in protecting investors in U.S. public companies, and I look forward to returning there as a Board member to continue and to build on the work we did when I was the Board's first general counsel."
Chairman Schapiro added, "I would like to thank Dan Goelzer for his leadership in serving as Acting Chairman of the Board while the search for a new Chairman was underway. I look forward to working with him and the new Board as the PCAOB continues its important mission of protecting investors. I also would like to thank Bill Gradison and Charles Niemeier for their service as two of the founding members of the Board."
SEC Chief Accountant James Kroeker said, "We look forward to working with the new Board in connection with the PCAOB's mission to oversee auditors in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The new Board is very well-qualified to lead the PCAOB as it carries out its critical role in promoting investor protection and strengthening audit quality."
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