The Public Company Accounting Oversight Board today announced that Carol Kone was named Regional Associate Director and leader of the Chicago Regional Office, effective April 1.
Ms. Kone succeeds Greg Wilson, who is retiring from the PCAOB after nine years.
"Carol is involved in nearly every aspect of our inspection program and is an invaluable resource. She serves an important leadership role in the National Office in addition to her contributions to the Chicago Regional Office," said Helen Munter, Director of the Division of Registration and Inspections.
Ms. Kone's responsibilities include managing the 48-person Chicago Regional Office and recruiting auditors for the Inspections Division, particularly those with experience in the audits of brokers and dealers.
"I am pleased to serve in this new role, especially as the PCAOB builds its program for inspecting auditors of broker-dealers. Chicago-based audit professionals have an opportunity to perform a vital function either as part of that program or more generally as we expand the regional office," said Ms. Kone.
Previously, Ms. Kone served as Associate Director in the Division of Registration and Inspections. Immediately prior to joining the PCAOB in 2006, she was an executive in the Forensic Services Group at Crowe Chizek LLP. Before that, she was a partner at Arthur Andersen LLP.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 vested the PCAOB with new oversight authority over the audits of broker-dealers registered with the Securities and Exchange Commission, including inspections, enforcement and standard-setting authority.
Financial statements of broker-dealers must be certified by a PCAOB-registered public accounting firm. Information about the PCAOB broker-dealer auditor inspection program is available on the website.