Statements Regarding Announcement by PCAOB Chairman William Mcdonough of His Intention to Resign
William J. McDonough announced his resignation as PCAOB Chairman in 2005, receiving widespread praise from SEC leaders for his leadership in establishing investor protections and audit oversight without any fraud, charges, or financial misconduct involved.
No fraud, financial misconduct, or legal charges are described in the document; it is a press release announcing William J. McDonough’s planned resignation as PCAOB Chairman. SEC Chairman Christopher Cox and Chief Accountant Donald Nicolaisen commended him for his pivotal role in building the PCAOB’s audit inspection system since 2003, restoring investor confidence after the Enron scandal. McDonough agreed to remain in office until a successor was appointed to ensure an orderly transition, with no monetary amounts or penalties referenced.
William J. McDonough announced his intention to resign as Chairman of the Public Company Accounting Oversight Board (PCAOB) on September 23, 2005, in a press release issued by the SEC. Neither the document nor any of the summaries indicate any fraud, misconduct, or financial penalties associated with his tenure. SEC Chairman Christopher Cox and Chief Accountant Donald Nicolaisen praised McDonough for his leadership in establishing the PCAOB’s audit inspection framework following the Sarbanes-Oxley Act, which was critical to restoring investor confidence after major corporate accounting scandals. They highlighted his background at the Federal Reserve Bank of New York as valuable preparation for his role in creating a new regulatory regime for public company auditors. McDonough agreed to stay on until a successor was found to ensure continuity in the PCAOB’s mission. The focus of the announcement was entirely on institutional credibility, the integrity of financial reporting, and a planned leadership transition. No dollar amounts, charges, or allegations of wrongdoing were mentioned in any of the statements or the original release.
Extracted insights
- agency chairman of the securities and exchange commission
- person christopher cox
- person donald nicolaisen
- agency sec chief accountant
- person william j. mcdonough
- William J. McDonough intends to resign Chairman of the Public Company Accounting Oversight Board
- Christopher Cox is Chairman of the Securities and Exchange Commission
- Donald Nicolaisen is SEC Chief Accountant
- William J. McDonough worked at Federal Reserve Bank of New York
- William J. McDonough became Chairman of PCAOB in June 2003
- Christopher Cox stated Bill McDonough has done an outstanding job as Chairman of the PCAOB
- Donald Nicolaisen stated It has been an honor to work with Chairman McDonough over the past two years
- William J. McDonough led efforts to establish regulatory system that assures investors that auditors place investors' interests above all other interests
STATEMENTS REGARDING ANNOUNCEMENT BY PCAOB CHAIRMAN WILLIAM MCDONOUGH OF HIS INTENTION TO RESIGN FOR IMMEDIATE RELEASE 2005-135 Washington, D.C., Sept. 23, 2005 - Christopher Cox, Chairman of the Securities and Exchange Commission, and Donald Nicolaisen, SEC Chief Accountant, issued the following statements today upon the announcement by William J. McDonough that he intends to resign as Chairman of the Public Company Accounting Oversight Board: Chairman Cox stated, "Bill McDonough has done an outstanding job as the Chairman of the PCAOB. His experience at the Federal Reserve Bank of New York during some turbulent years amply prepared him for the pathbreaking work that he took on in June 2003. He has provided superb leadership at a critical time to our nation's investors, capital markets, and public companies, as well as the accounting firms that audit them. "It has been an exceptional opportunity to work closely with Bill McDonough in recent months as together we have worked to implement the auditing and inspection process that recently was mandated by Congress. I am especially grateful that he has agreed to remain at the PCAOB long enough to permit a thorough search for a worthy successor. For years to come, we will continue to build on his work for investors and for all who benefit from healthy capital markets." Donald Nicolaisen, the Commission's Chief Accountant, said, "It has been an honor to work with Chairman McDonough over the past two years on matters of extreme importance not only to auditors but also to the integrity of our securities markets. The credibility that investors place in companies' financial statements depends in large part on the work, ethics and independence of the men and women who perform a critical examination of those statements during the audit process. When Chairman McDonough took office investor confidence in that audit process was at its low ebb and he has led the efforts to establish a regulatory system that assures investors that auditors place investors' interests above all other interests or concerns." http://www.sec.gov/news/press/2005-135.htm Home | Previous Page Modified: 09/23/2005
STATEMENTS REGARDING ANNOUNCEMENT BY PCAOB CHAIRMAN WILLIAM MCDONOUGH OF HIS INTENTION TO RESIGN FOR IMMEDIATE RELEASE 2005-135 Washington, D.C., Sept. 23, 2005 - Christopher Cox, Chairman of the Securities and Exchange Commission, and Donald Nicolaisen, SEC Chief Accountant, issued the following statements today upon the announcement by William J. McDonough that he intends to resign as Chairman of the Public Company Accounting Oversight Board: Chairman Cox stated, "Bill McDonough has done an outstanding job as the Chairman of the PCAOB. His experience at the Federal Reserve Bank of New York during some turbulent years amply prepared him for the pathbreaking work that he took on in June 2003. He has provided superb leadership at a critical time to our nation's investors, capital markets, and public companies, as well as the accounting firms that audit them. "It has been an exceptional opportunity to work closely with Bill McDonough in recent months as together we have worked to implement the auditing and inspection process that recently was mandated by Congress. I am especially grateful that he has agreed to remain at the PCAOB long enough to permit a thorough search for a worthy successor. For years to come, we will continue to build on his work for investors and for all who benefit from healthy capital markets." Donald Nicolaisen, the Commission's Chief Accountant, said, "It has been an honor to work with Chairman McDonough over the past two years on matters of extreme importance not only to auditors but also to the integrity of our securities markets. The credibility that investors place in companies' financial statements depends in large part on the work, ethics and independence of the men and women who perform a critical examination of those statements during the audit process. When Chairman McDonough took office investor confidence in that audit process was at its low ebb and he has led the efforts to establish a regulatory system that assures investors that auditors place investors' interests above all other interests or concerns." http://www.sec.gov/news/press/2005-135.htm Home | Previous Page Modified: 09/23/2005