SEC Seeks Applicants for Public Company Accounting Oversight Board Seat

The Securities and Exchange Commission today announced the start of the selection process to fill a seat on the Public Company Accounting Oversight Board (PCAOB) that will become vacant in October. The PCAOB appointment is for a five-year term from October 2023-October 2028. Under the current composition of the PCAOB Board, the candidate selected must be or have been a Certified Public Accountant (CPA). The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and registered broker-dealers through registration, standard-setting, inspection, and disciplinary programs. The PCAOB is subject to the oversight of the SEC. The PCAOB is governed by a Board of five members, two of whom shall be or have been CPAs, and three of whom must not be or have been CPAs.