WASHINGTON (Reuters) -The U.S. Securities and Trade Commission on Friday said it has voted to eliminate the head of the accounting oversight board that sets expectations for audits of public firms and still left the rest of the users on notice.
The SEC voted to remove William Duhnke III from his role as chairman of the Public Firm Accounting Oversight Board, helpful Friday, the company claimed in a statement. The other 4 members will keep on, but the SEC is soliciting resumes for those people roles.
The move to eliminate the head of a watchdog critics have described as toothless marks a big warning shot by the new SEC chair, who took the helm at the best marketplaces regulator in mid-April.
“The PCAOB has an prospect to are living up to Congress’s eyesight in the Sarbanes-Oxley Act,” SEC chair Gary Gensler mentioned in the statement, referring to the 2002 legislation that proven the board.
It also arrives amid stress from some Democratic lawmakers, who have stated the board has been slipping down on its position to oversee audit corporations meant to continue to keep publicly traded providers in examine.
Duane DesParte, who joined the board in 2018, will provide as acting chair, the SEC stated.
(Reporting by Chris Prentice and Katanga Johnson Enhancing by Leslie Adler)
