Niemeier Named Acting Head of Accounting Oversight Board

The Public Company Accounting Oversight Board (PCAOB) held its first official meeting on Thursday with Charles Niemeier at the helm as the acting chairman. Mr. Niemeier, already one of the members of the board, will continue in the position of acting head until a permanent chairman is selected. He is the former chief accountant for the Securities and Exchange Commission's enforcement division.

The new board agreed on salaries for board members at its Thursday meeting - $452,000 per year for board members and $556,000 per year for the chairman. While the salaries are in line with those paid at the Financial Accounting Standards Board, some in Congress are already expressing disappointment that the high salaries - more than triple the salary of the Chairman of the SEC, and even more than is made by the President of the United States - sends the wrong message. In addition, the board agreed to seek a loan of $1.9 million to meet its initial expenses.

The board seeks to hire approximately 200 staff members to carry out its task of inspecting accounting firms that audit publicly held companies. Korn Ferry, an executive search firm, has been hired to aid in the search for employees. Initially the firm is searching for seven top positions. Interested parties can apply for jobs online. It is expected that the PCAOB will be ready to begin its inspections by the summer of 2003.

One Board member suggested that the PCAOB adopt its own auditor rotation policy - thereby symbolically setting itself up as a role model for public companies - but the proposal was rejected as needing further study.

The PCAOB has signed a lease for office space on K Street in Washington D.C. in the space vacated by former Big Five accounting firm Andersen.

You may like these other stories...

There’s a way for investors to brave the world beyond stocks and bonds of a traditional Individual retirement arrangement (IRA) and venture into real estate, tax liens, unregistered securities and so on. Their avenue...
KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission (SEC), which found that the Big Four firm violated auditor independence rules by providing certain nonaudit...
By Jason Bramwell, Staff WriterJuly 1, 2014, is the date when the first set of municipal advisors will be required to register under new rules the US Securities and Exchange Commission (SEC) finalized last year.The SEC...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.