Washington (April 28, 2003) — The Public Company Accounting Oversight Board voted to give its chairman more power — including authority over matters of staffing and budget.
The Securities and Exchange Commission had sought changes to the bylaws due to the April 26 congressional deadline for the regulator to certify that the board is organized and ready to begin its oversight duties.
Last week, the board named Federal Reserve Bank official William McDonough as chairman, pending a background check.
Under changes approved unanimously by the board, the PCAOB chair would also be president and chief executive, with control to hire and fire staff, and the power to develop budgets.
-- WebCPA staff
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