As was announced earlier today, the Commission has appointed a full slate of five new members, including a new Chairman, to the Public Company Accounting Oversight Board (“PCAOB”). I am gratified that the Commission has taken action on this important matter. As I stated in August when we began the search process for new PCAOB Board members, the PCAOB has been instrumental in improving the quality and reliability of public company audits for the protection of investors. Audited financial statements are at the heart of the SEC’s disclosure-based regulatory regime: a company’s financial statements provide investors with a wealth of material information, but the independent audit gives investors confidence that those statements can be trusted. The PCAOB is thus a critical part of the oversight of our local, national, and international capital markets.
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