PCAOB gets new chairman, complete new board membership

By Ken Tysiac

A complete change in the composition of the PCAOB was announced Tuesday by the SEC as William Duhnke was appointed as the board’s chairman and J. Robert Brown, Kathleen Hamm, James Kaiser, and Duane DesParte were named as board members.

They replace the previous chairman, James Doty, and board members Steve Harris, Jeanette Franzel, and Lewis Ferguson. Doty, Harris, and Franzel had been continuing to serve even though their terms had expired.

“They have achieved a great deal on behalf of our investors and the public, including, most recently, the adoption of a new auditor’s reporting model which should provide investors with meaningful insight into auditor-audit committee communications,” SEC Chairman Jay Clayton said of the previous board members in a news release.

Duhnke is staff director and general counsel to the U.S. Senate Committee on Rules and Administration. Previously, he served as staff director and general counsel to the U.S. Senate Committee on Banking, Housing and Urban Affairs and the Committee on Appropriations.

Brown is a professor of law at the University of Denver, where he directs the corporate and commercial law program and is the Lawrence W. Treece Professor of Corporate Governance. Before beginning his teaching career 25 years ago, he served on the SEC staff and worked in private practice.

Hamm serves as the global leader of securities and fintech solutions and senior strategic adviser on cyber solutions at Promontory Financial Group. She has previously worked at the U.S. Department of the Treasury, the American Stock Exchange, and the SEC.

Kaiser is a partner and the global assurance methodology and transformation leader at PwC. He leads the firm’s efforts to drive innovation in auditing and has responsibility for the firm’s adherence to international auditing standards. He has held numerous leadership positions with the firm over 38 years.

DesParte is retiring from his position as senior vice president and corporate controller at Exelon Corp. He has served as an audit partner at Deloitte & Touche and Arthur Andersen.

“Bill, Jay, Kathleen, Jim, and Duane bring substantial experience to the board and a shared commitment to serve in the interests of our Main Street investors,” Clayton said. “Their individual and collective talents position the PCAOB to execute its mission effectively in our local, national, and international markets.”

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

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