Joel Muckett 13 Dec 2017 01:13pm

SEC appoints new PCAOB chairman and board members

The US Securities and Exchange Commission (SEC) has appointed William Duhnke as chairman of the Public Company Accounting Oversight Board (PCAOB), as well as naming four new board members

Duhnke, a long-time Republican Senate aide, will succeed James Doty, who has held the position since 2011.

Doty was supposed to step down in October 2015 when his term expired. However, then-SEC chair Mary Jo White delayed the appointment of a new PCAOB chairman until the regulator had a full five-member panel, which allowed him to serve past his term.

In August, current SEC chair Jay Clayton opened the search for a new chairman and board members and yesterday the commission announced the appointment of Robert Brown, Kathleen Hamm, James Kaiser and Duane DesParte to the board, succeeding Steve Harris, Lew Ferguson and Jeanette Franzel.

Clayton said he was excited for the new team to build on the foundation created by the previous one, “so that the PCAOB’s next 15 years can be as successful as the first 15. I expect the transition to the new board will occur beginning in January 2018.”

Duhnke is currently a staff director and general counsel to the US Senate Committee on Rules and Administration, and held the same role in the Committee on Banking, Housing and Urban Affairs and the Committee of Appropriations.

Meanwhile, Brown is a professor of law at the University of Denver, where he is also director of the corporate and commercial law programme. Prior to his teaching career, Brown served on the staff of the SEC.

Along with being senior strategic advisor on cyber solutions at Promonotry Solutions, Hamm is also the global leader of securities and fintech solutions. She has previously held positions at the US Department of Treasury, American Stock Exchange and the SEC.

Kaiser is currently partner and global assurance methodology and transformation leader at PwC, and has been with the Big Four firm for 38 years in multiple leadership roles.

DesParte will soon retire from his role as senior vice president and corporate controller of Exelon Corporation. Prior to joining Exelon, he was an audit partner at Big Four firm Deloitte and accounting company Arthur Andersen.