The Board
Section 101 of the Sarbanes-Oxley Act of 2002 describes the establishment, duties, and powers of the Public Company Accounting Oversight Board.
Under the Act, the Securities and Exchange Commission appoints the Board's members after consultation with the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury. The SEC named the first Board members on October 25, 2002. On May 21, 2003, the SEC named William J. McDonough as Chairman of the PCAOB, and he served in that capacity until November 30, 2005. On June 19, 2006, the SEC named Mark W. Olson as Chairman.
The Act requires that two of the five Board members be or have been certified public accountants. The Act also requires that all members of the Board serve on a full-time basis. The salaries of the Board Chairman and members equal those of the Chair and members of the Financial Accounting Standards Board.
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