The SEC is trying to get the appointment of a chairperson to the Public Company Accounting Oversight Board (PCAOB) right this time. A GAO report (No 03-339) was a searing indictment of the SEC and the process used to arrive at the previous ill-conceived selection of William Webster as the short-lived chairperson of the PCAOB. He resigned by the first meeting.

So now, the SEC has decided in a release that provides in excruciating detail about how it will now go about selecting a chairperson and basically has put out an engraved invitation for anyone who wants to submit a resume. It some ways it reminds me of the auditions for American Idol.

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