The election of Donald Trump is likely to transform the Public Company Accounting Oversight Board (PCAOB). While the PCAOB is technically a non-partisan private regulator, it will not likely escape Trump’s commitment to drain the swamp.
After nearly seven years since the first concept release, the SEC approved the PCAOB's rules for disclosing the names of audit engagement partners and other participating firms.
SEC Chair Mary Jo White said that she'll wait until two new commissioners are appointed before deciding on whether James Doty will remain the head of the PCAOB.
Michael Piwowar made a funny:
SEC Chief Accountant James Schnurr says that, although "there's room for improvement" audit quality "is getting better" and the PCAOB has "deepened their expertise" and "their inspection process has matured."
The SEC's fiscal year wrapped on September 30, so naturally, they wanted to take a victory lap with their enforcements results.
John White, a prominent lawyer with Cravath, Swaine & Moore, sits on the PCAOB's Standing Advisory Group. His wife, Mary Jo, chairs the SEC. She, along with the other commissioners, will choose the next PCAOB chair. Some people don't like how that looks:
Things are looking pretty good for someone who will not be named in the matter of something that will not be mentioned:
Chief Accountant James Schnurr let it slip that the Commission is preparing a concept release that will, "[seek] formal feedback from investors about whether they are getting enough information from audit committees."
Here's a story of hedge fund of fund guys doing hedge fund of fund guy things -- onshore fund, offshore fund, master fund, an investment advisor, along with a couple other affiliated companies -- and not being very good at some of the finer details: