Washington, D.C. – William J. McDonough, Chairman of the Public Company Accounting Oversight Board, announced today that he will resign his position by Nov. 30 or when a successor is named.
U.S. Sen. Mike Enzi, who was one of the original authors of the Sarbanes-Oxley Act of 2002 that established the Public Company Accounting Oversight Board, praised McDonough’s service.
“I have worked very closely with Chairman McDonough over the years and have always found his work with the PCAOB to be of the highest caliber. As the first Chairman of the PCAOB he has done an exceptional job in creating a first class regulator for the auditing industry. He is a man who not only understands the intricacies of the industry, but has a passion for making them better. There is no doubt that whatever Chairman McDonough decides to do next, he will bring to his new role the highest degree of enthusiasm and dedication,” Enzi said. “I look forward to reviewing the qualifications of the nominee for Mr. McDonough’s post. I will continue to encourage the PCAOB to seek understanding of the unique problems small companies face.”
The PCAOB was established to enforce the rules governing accounting firms that audit public companies.