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Phil Kerpen on Sarbanes-Oxley and the Public Company Accounting Oversight Board on NRO Financial

Phil Kerpen on Sarbanes-Oxley and the Public Company Accounting Oversight Board on NRO Financial

by Rick Turoczy on June 27, 2006

U.S. Federal Reserve Board governor Mark Olson was appointed last week to the highest-paid job in the U.S. government: chairman of the Public Company Accounting Oversight Board (PCAOB). The PCAOB, created by the Sarbanes-Oxley Act of 2002, has the power to set its own budget and salaries, and does not rely on the congressional appropriations process for its budget since it can levy fees on all public companies. The position of the PCAOB chairman, which comes with a hefty salary of $615,000, carries enormous influence over not only the accounting industry, but all publicly traded companies.

Surely an appointment to such a position merits careful consideration by the U.S. Senate, as it offers the president advice and consent. But for some reason the news stories about the Olson appointment did not say he was nominated by the president. Nor did they say that the Senate will hold hearings. No, reports said that he was named PCAOB chair by the Securities and Exchange Commission.

There’s something wrong with this picture.

Phil Kerpen on Sarbanes-Oxley and the Public Company Accounting Oversight Board on NRO Financial

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