SEC Seeks Applicants for Public Company Accounting Oversight Board Seat

The Securities and Exchange Commission today announced the start of the selection process to fill a seat on the Public Company Accounting Oversight Board (PCAOB) that will become vacant in October. The PCAOB appointment is for a five-year term from October 2023-October 2028. Under the current composition of the PCAOB Board, the candidate selected must be or have been a Certified Public Accountant (CPA).

The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and registered broker-dealers through registration, standard-setting, inspection, and disciplinary programs. The PCAOB is subject to the oversight of the SEC.

The PCAOB is governed by a Board of five members, two of whom shall be or have been CPAs, and three of whom must not be or have been CPAs. Board members must 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, brokers, and dealers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures.

The PCAOB Board Member selection process is administered by the SEC’s Office of the Chief Accountant. Individuals who meet the statutory criteria and are interested in being considered for a position as Board Member of the PCAOB should submit (1) a cover letter, discussing the statutory qualifications summarized above and described more completely in the Act; and (2) a current résumé or curriculum vitae to Boardrecommendations@sec.gov, on or by March 7, 2023.