Chairman of PCAOB Announces Impending Resignation

PCOAB Chairman William McDonough announced his retirement today, effective the sooner of November 30 or when a successor is in place. In his speech, McDonough cited the development of the PCAOB during his tenure and stated expectations that even greater accomplishments were ahead for the organization. His short-term plans appear to concentrate on serving on a number of boards of directors with possible future employment in upper corporate management.

Probably the biggest significance here is that the retirement falls less than a month since SEC Chief Accountant Nicolaisen retired and less than two months after Christopher Cox was approved as SEC Chairman by the US Senate. Hopefully, the discontinuity of leadership in these oversight agencies won't tempt anyone into trying to sneak something unethical past the government.