The Public Company Accounting Oversight Board announced today that Joseph W. St. Denis, director of the Office of Research and Analysis (ORA), has informed the Board of his resignation from the PCAOB, effective May 15, 2012.
"Joe's insight, innovations and his assembly of a highly professional team of experienced auditors, data analysts and quantitative experts have placed ORA on a firm foundation to support the PCAOB and its oversight activities," said PCAOB Chairman James R. Doty.
Mr. St. Denis joined the PCAOB in 2004 as an original staff member in the office that became ORA. He left the PCAOB from 2006 to 2007 and returned as associate director in the Division of Enforcement and Investigations. He was named director of ORA in 2009.
ORA provides risk and data analysis to support the inspection planning process, including by assisting the Division of Registration and Inspections in identifying higher risk audits and audit areas for examination in PCAOB inspections. ORA also consults with and provides relevant research and analysis to the Board and other Divisions and Offices of the PCAOB.
On March 15, 2011, the PCAOB issued its first public Research Note, prepared by ORA, to outline the growth of reverse merger transactions involving companies based in China, Hong Kong and Taiwan and the implications of that growth for audits.
Under the leadership of Mr. St. Denis, ORA developed and oversaw the implementation of the Board's academic scholarship program. The Sarbanes-Oxley Act of 2002 stipulates that civil monetary penalties collected from Board disciplinary actions must be used to fund merit scholarships for students in accredited accounting degree programs.
In 2011, the Board awarded $10,000 scholarships to 52 students across the U.S. who demonstrated high ethical standards and an interest and aptitude in accounting and auditing.
Effective May 15, Timothy Gustafson will serve as Acting Director of ORA.