PCAOB Gets New Chair, Members

The SEC has appointed James R. Doty PCAOB chairman and named Jay Hanson and Lewis Ferguson members of the board.

Doty is a Washington-based securities lawyer and a former SEC general counsel.

Ferguson, also a Washington securities lawyer, served for more than three years as the PCAOB’s first general counsel.

Hanson is a partner and the national director of accounting at McGladrey & Pullen LLP in Bloomington, Minn., with responsibility for leading the firm's accounting standards group. He is chair of the AICPA’s Financial Reporting Executive Committee and a member of FASB’s Emerging Issues Task Force.

The Sarbanes-Oxley Act of 2002 created the PCAOB to oversee the audits of public companies and broker-dealers. Its work includes registering public accounting firms, setting auditing standards, conducting inspections, and establishing disciplinary programs. The PCAOB is subject to oversight by the SEC.

As a partner at Baker Botts LLP in Washington, Doty has represented clients on a range of securities law matters. He also counsels directors and audit committees on problems arising under the Sarbanes-Oxley Act and related issues.

"This is an important time for our capital markets and the Board,” Doty said in a press release. “There is much work to be done for America's investing public, and I'm eager to get started."

Doty will take the reins from Dan Goelzer, who was acting chairman after Mark Olson resigned from the position July 31, 2009.

Hanson and Ferguson will fill seats held by Bill Gradison and Charles Niemeier, whose terms have expired.

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