PCAOB Chairman Resigns


Mark Olson on Monday announced his resignation as chairman of the PCAOB, effective July 31.

 

In his letter of resignation, Olson indicated “the decision is entirely personal” and reflects his desire “at this time of life to establish new priorities,” according to a PCAOB press release. He has no immediate plans other than to resume involvement in efforts to promote financial literacy, according to the release.

 

Olson was named chairman of the PCAOB by the SEC on July 1, 2006. Prior to joining the PCAOB, he had most recently served on the Board of Governors of the Federal Reserve.

 

AICPA President and CEO Barry Melancon praised Olson for his leadership. “He has been fair and open, and committed to the mission of the PCAOB and public interest,’’ Melancon said.

 

Cynthia Fornelli, executive director of the Center for Audit Quality, called Olson a “public servant of the first order” who has “demonstrated an ability to work with investors, auditors and others in promoting audits that are informative, fair and independent.” Fornelli called on SEC Chairman Mary Schapiro to move with “all due haste” to appoint Olson’s permanent successor in light of the challenging economic environment.

 

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.