Statement on Appointments to the PCAOB

Today the Securities and Exchange Commission approved a new board of the Public Company Accounting Oversight Board.  We remain concerned about the Commission’s actions in June,[1] but nevertheless support this new board.  The five members are, as the statute requires, “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, 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.”[2]  We look forward to working with the new board as they fulfill their mission to improve audit quality, which is crucial to the SEC’s own mission to protect investors and markets.