On an unusually hot April day in 2003, I happened to be loading my car's trunk after nearly maxing out my credit card after completing a "honey do this" spree at Bed Bath & Beyond, when I heard on the radio that the fledgling Public Company Accounting Oversight Board had selected William McDonough, a high-level banking regulator, as chairman of the auditing overseer.Admittedly, I was unfamiliar with him, because in traditional public accounting circles, McDonough's was not a household name. But after the disaster with inaugural PCAOB chair William Webster, who resigned just weeks after being appointed over his role as a member of the audit committee of a wobbly online company, McDonough's pedigree and reputation for integrity appeared more than strong enough to help stabilize an organization that had had trouble getting traction of any kind.

McDonough assumed the imposing task of policing the auditing profession at a time when Enron and WorldCom were still commanding daily headlines, and former Big Five firm Arthur Andersen was collapsing.

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