Spotlight on PCAOB Nomination Process

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Seeking Suggestions for PCAOB Candidates

The Securities and Exchange Commission is responsible, under the Sarbanes-Oxley Act of 2002, for appointing the chair and members of the Public Company Accounting Oversight Board. The Act requires that Board members be “appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures.” Currently, the Commission is seeking a candidate for the Board who is, or has been, a Certified Public Accountant (CPA).

We are committed to appointing to the Board persons of the highest integrity and dedication to the public good. Below are sample letters that have been sent to seek input, and which describe the minimum qualifications in greater depth.

We welcome all suggestions of individuals who meet the statutory requirements. Names and qualifications should be submitted for consideration by June 17 via email to: Board-recommendations@sec.gov or via mail to: U.S. Securities and Exchange Commission, Office of the Chief Accountant, 100 F Street, NE, Washington, DC 20549, Attn: PCAOB Suggestions.

Sample Letters

• The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System
   
• The Honorable Timothy F. Geithner, Secretary, Department of the Treasury
   
• Damon Silvers, Director of Policy and Special Counsel, AFL-CIO
   
• Barry C. Melancon, President and Chief Executive Officer, AICPA
   
• Steve Glover, President - The Auditing Section, American Accounting Association
   
• John Engler, President, Business Roundtable
   
• Cynthia M. Fornelli, Executive Director, Center for Audit Quality
   
• John D. Rogers, President and Chief Executive Officer, CFA Institute
   
• Thomas J. Donohue, President and Chief Executive Officer, U.S. Chamber of Commerce
   
• Barbara Roper, Director of Investor Protection, Consumer Federation of America
   
• Ann Yerger, Executive Director, Council of Institutional Investors
   
• John J. Brennan, Chairman, Financial Accounting Foundation
   
• Marie N. Hollein, President and CEO, Financial Executives International
   
• James R. Doty, Chairman, Public Company Accounting Oversight Board

http://www.sec.gov/spotlight/pcaob-nominations.shtml