On Wednesday, members of the Securities and Exchange Commission announced that they have unanimously approved the appointment of William McDonough as head of the Public Company Accounting Oversight Board (PCAOB). Mr. McDonough was chosen in April to head the organization.
"The accounting profession, corporate America and American investors will be well served by Bill McDonough's dedication and strong leadership as he and the other members of the PCAOB work to promote integrity, honesty, and transparency throughout American business," said William H. Donaldson, chairman of the Securities and Exchange Commission.
Mr. McDonough will step down from his current position as president of the New York Federal Reserve Bank. His official starting date at PCAOB is June 11. Charles Niemeier has been serving as acting head of the PCAOB since the controversial resignation of William Webster last fall.
Mr. McDonough indicated he is looking forward to beginning his new role as the watchdog for accounting firms that review financial statements of publicly held corporations. "I am well aware of the great challenges facing the PCAOB to help restore confidence in the public accounting of American corporations, and I have no doubt of our ability to work successfully to achieve our goal. I am very much looking forward to getting started next month," Mr. McDonough said.
Prior to working with the Federal Reserve Bank, Mr. McDonough spent 22 years with First Chicago Corp. and its bank, First National Bank of Chicago. He was an advisor to the World Bank and the International Finance Corporation, and served with the State Dept. for six years. He holds a master's degree in economics from Georgetown University and a bachelor's in economics from Holy Cross College.
William McDonough Selected to Head PCAOB