[ by Howard Haykin ]

The SEC announced that it had re-appointed 2 member of the Public Company Accounting Oversight Board, or PCAOB, which oversees the audits of the financial statements of public companies and broker-dealers through registration, standard setting, inspection, and disciplinary programs.  

The Sarbanes-Oxley Act of 2002 established the PCAOB, and made the SEC responsible for selecting Board members and its Chair - after consultation with the Treasury Department and the Federal Reserve Board.

Steven Harris and Jay Hanson were re-appointed to a second 5-year term, that ends on a second term ending 10/24/17 for Mr. Harris, and on 10/24/18 for Mr. Hanson.  SEC Chairman Elisse Walter added the following words of praise each member:  

“Steve has provided important institutional continuity as the longest-serving Board member who played a key role in helping to shape the law that created the PCAOB."

"Jay’s depth of expertise in auditing issues from his more than 30 years of prior private practice already has been an invaluable contribution to the Board’s efforts.”

Professional Credentials of Steven Harris.   Appointed to the PCAOB in 2008, Harris previously was SVP and Special Counsel for APCO Worldwide, where he advised clients on matters relating to financial transactions, corporate governance, crisis management, investigations, foreign investment, trade promotion, and government affairs.  He's had significant government experience:

• as a Staff Director and Chief Counsel of the U.S. Senate Committee on Banking, Housing, and Urban Affairs for more than 15 years; 
• as a Staff Director and Chief Counsel to the Securities Subcommittee; 
• he specifically worked on all of the legislation, investigations, and oversight conducted by the committee from 1981 to 2007.
• as a counsel to Senator Donald Riegle, Jr.;
• as a counsel to Congresswoman Barbara Jordan and;
• as a representative to the National Commission for the Review of Antitrust Laws and Procedures .

Mr. Harris graduated with honors from Dartmouth and earned his law degree from G.W. University.

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Professional Credentials of Jay Hanson.    Appointed to the PCAOB in 2011, he previously spent nearly 32 years at McGladrey & Pullen LLP, where he worked with a variety of clients ranging from small nonprofit organizations to large multi-national public companies. During this period, Mr. Hanson served as:

• National Director of Accounting, overseeing the firm’s accounting guidance and training practices;
• Leader of the firm’s Accounting Standards Group;
• Member of the FASB's Emerging Issues Task Force;
• Member of the AICPA's Financial Reporting Executive Committee, serving his final 3 years as chairman;

Mr. Hanson is a CPA licensed to practice in Minnesota.  He has his Bacheler's degree from Concordia College in Moorhead, Minn.

For further details, go to:   [SEC PR 13-31, 3/1/13].