The U.S. Securities and Exchange Commission named James R. Doty as chairman and Jay D. Hanson and Lewis H. Ferguson as members of the Public Company Accounting Oversight Board. The information was disclosed in an e-mailed statement.
A founding member of the Public Company Accounting Oversight Board and former general counsel of the Securities and Exchange Commission, Daniel Goelzer, is rejoining Baker & McKenzie LLP as a partner in Washington.
Ernst & Young LLP received the usual kid-glove treatment given to too-big-to-fail enterprises when it reached a settlement with the U.S. Justice Department over illegal tax shelters it sold more than a decade ago. The government chose not to prosecute the Big Four accounting firm, and Ernst is getting off by writing a relatively small check.
It has been almost four years since Unity Bancorp Inc. got $21 million of bailout funds as part of the government’s Troubled Asset Relief Program. The small New Jersey lender hasn’t repaid the money. But it has stayed out of trouble, unlike some people who once audited its books.
The U.S. Supreme Court left intact the centerpiece of the Sarbanes-Oxley Act while ruling that the executive branch should have more authority over members of the Public Company Accounting Oversight Board.
The auditing profession’s top U.S. overseer usually does a flawless job of safeguarding the most embarrassing secrets of accounting firms and their corporate clients. Fortunately, every now and then, the watchdog slips up.