Columbia’s US SEC ousts head of accounting watchdog, puts rest of board on notice

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Columbia’s US SEC ousts head of accounting watchdog, puts rest of board on notice

The US SEC (Securities and Exchange Commission), an independent agency of the Federal Government, whose accounting watchdog PCAOB (Public Company Accounting Oversight Board) had long been criticized by the Democrats for being toothless, said later last week that the Washington DC-based US market regulator had ousted the head of PCAOB, the oversight board that fixes standards for audits of publicly listed companies, adding it had plans to replace the rest of board, too.

Aside from that, the Securities and Exchange Commission had told in a statement on Friday that the US money market regulator had voted to oust William Duhnke III as Chair of PCAOB (Public Company Accounting Oversight Board) effective immediately, while four other members of the board would act as usual, but the SEC would replace those roles in due course.

On top of that, Friday’s US SEC move to remove PCAOB Chair followed a substantial scale of pressure from Democratic Senator Elizabeth Warren alongside Independent Senator Bernie Sanders, who last month had called on an entire replacement of US SEC’s oversight board members.

However, William Duhnke III had taken the office of PCAOB back in the January of 2018s, during the terms of former Republican President Donald Trump.

US SEC ousts head of accounting watchdog

If truth is to be told, latest move from US SEC came forth as an alarming bell by the new SEC Chair Gary Gensler who took charge on April this year, as PCAOB had been under an upscaled scrutiny about its stance on Chinese auditors regarding US-listed Chinese companies, while signalling a slew of radical changes in PCAOB that was formed by a 2002 Sarbanes-Oxley act following havoc-scale accounting scandals, SEC Chair Gensler said in a statement, “The PCAOB has an opportunity to live up to Congress’s vision in the Sarbanes-Oxley Act.

Nevertheless, former SEC Chair Jay Clayton, who departed on April this year, had also reformed PCAOB back in the 2017s by appointing five new board members including Duhnke.