SEC sanctions new oversight board and chairman
Northwestern Financial Review, May 15-May 31, 2003
The Securities and Exchange Commission has sanctioned the Public Company Accounting Oversight Board to carry out the requirements of the Sarbanes-Oxley Act. William J. McDonough has been named chairman. McDonough had been president of the Federal Reserve Bank of New York since 1993. The law required the SEC to determine if the oversight board was appropriately organized and had the capacity to carry out the requirements of the law and enforce compliance by registered public accounting firms.
The SEC also announced that it will continue to accept pronouncements made by the Financial Accounting Standards Board.
Copyright NFR Communications Inc May 15-May 31, 2003
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