The SEC Would Like Your Input on PCAOB Board Members
Know any totally legit folks dripping with integrity who might like to sit on the PCAOB? Hit up the SEC.
Via our homies at the SEC:
The Securities and Exchange Commission is responsible, under the Sarbanes-Oxley Act of 2002, for appointing the chair and members of the Public Company Accounting Oversight Board. The Act requires that Board members be "appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures." Currently, the Commission is looking to fill three Board positions, including the chair.
We are committed to appointing to the Board persons of the highest integrity and dedication to the public good. Below are sample letters that have been sent to seek input, and which describe the minimum qualifications in greater depth.
We welcome all suggestions of individuals who meet the statutory requirements. Names and qualifications should be submitted for consideration by July 30 via email to: Boardemail@example.com or via mail to: Office of the Chief Accountant, 100 F Street, NE, Washington, DC 20549, Attn: PCAOB Suggestions.
Read that, kids? They welcome ALL suggestions. So you can spell that first name Jr Deputy last name Accountant. Be sure to print out some of my previous work on the SEC and PCAOB and attach with your email.
Anyway, it gets better. Check out some suggestions for PCAOB board members (I am not making this up):
The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System
The Honorable Timothy F. Geithner, Secretary, Department of the Treasury
Mr. Barry C. Melancon, CPA, President and Chief Executive Officer, AICPA
Talk about maintaining the integrity of financial statements and protecting the public. When was the last time Bernanke or his little buddy Timmy Geithner were described as "prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public"?! Melancon I totally understand but Bernanke? You have got to be kidding me.
h/t Going Concern