SEC Removes Trump-Appointed Audit Watchdog

The Securities and Exchange Commission (SEC) on June 4 announced the firing of William Duhnke, the chairman of the Public Company Accounting Oversight Board (PCAOB.) The removal of Duhnke, an appointee of President Donald Trump, follows demands from Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (D-Vt.) for SEC Chairman Gary Gansler to sack the entire oversight board. Warren and Sanders alleged in a letter (pdf) on May 25 that the board’s oversight ability has been “compromised” by the prior administration. The SEC designated┬áDuane DesParte to serve as the acting chairperson of PCAOB. The commission also announced that it would seek fill all five of the seats on the board. “I look forward to working with my fellow commissioners, Acting Chair DesParte, and the staff of the PCAOB to set it on a path to better protect investors by ensuring that public company audits are informative, accurate, and independent,” Gensley …

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