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.
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.