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On Friday, the SEC announced that it had removed
William D. Duhnke III from the PCAOB and designated Duane M.
DesParte to serve as Acting Chair, effective Friday. Duhnke has
been serving as Chair since January 2018. The SEC also announced
that it intends to seek candidates to fill all five board positions
on the PCAOB. In the press release, SEC Chair Gary Gensler said
that the PCAOB has an opportunity to live up to
Congress s vision in the Sarbanes-Oxley Act..I look forward to
Republican SEC Commissioner Elad Roisman, expressed opposition to the promulgation of SEC disclosure rules concerning ESG issues to attempts to influence the ultimate nature and structure of those disclosure rules, SEC to consider probable explosion in securities litigation.
SEC Removes Trump-Appointed Audit Watchdog
The Securities and Exchange Commission (SEC) on June 4 announced the firing of William Duhnke, the chairman of the Public Company Accounting Oversight Board (PCAOB.)
The removal of Duhnke, an appointee of President Donald Trump, follows demands from Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (D-Vt.) for SEC Chairman Gary Gansler to sack the entire oversight board. Warren and Sanders alleged in a letter (pdf) on May 25 that the board’s oversight ability has been “compromised” by the prior administration.
The SEC designated Duane DesParte to serve as the acting chairperson of PCAOB. The commission also announced that it would seek fill all five of the seats on the board.