Search for new PCAOB members moves to next stage

The Securities and Exchange Commission has closed the window for public nominations for new members of the Public Company Accounting Oversight Board, and moved on to the next stage of the process.

The board is currently short one member of its normal complement of five, and the terms of three other members, including Chairman James Doty, have already expired.

The SEC announced that it was accepted public nominations for board positions in early August, and closed the window on Sept. 1. It is now proceeding to the next step, which is for SEC commissioners to put forth their nominations and give their input on candidates.

SEC chairman Jay Clayton
Jay Clayton, chairman of U.S. Securities and Exchange Commission (SEC) nominee for President Donald Trump, testifies during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Thursday, March 23, 2017. Trump tapped Clayton to lead the SEC in January, saying the Sullivan & Cromwell partner would ensure that financial companies thrive and create jobs, while still playing by the rules. Photographer: Zach Gibson/Bloomberg

“The search process is underway,” Clayton said in a statement. “I am grateful for the response to the public solicitation of potential interest that closed on Sept. 1, 2017. Consistent with the commission’s procedures for such appointments, I have begun the next step of the process, which is soliciting nominations and input from my fellow commissioners. I also will consult with the Secretary of the Treasury and the chairman of the Federal Reserve, in accordance with the Sarbanes-Oxley Act of 2002. My fellow commissioners and I will consider candidates for selection after the search process has been completed.”

The PCAOB members whose terms have expired have remained in place, including Chairman Doty, who is helping with the search process (see “Doty to remain at PCAOB for search, transition”).

“I believe this will ensure the continued execution of the PCAOB’s mission as the PCAOB transitions to new leadership,” Clayton noted.

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