Public Company Accounting Oversight Board Member Daniel L. Goelzer today was named Acting Chairman of the PCAOB by the Securities and Exchange Commission, effective August 1, 2009.
“It is an honor to be named to serve as Acting Chairman,” Mr. Goelzer said today. “The PCAOB was created at a time of high profile corporate accounting fraud. Since then, much has changed, and the PCAOB’s rigorous schedule of inspections has gone a long way to improve audits of financial statements.”
Mr. Goelzer added, “Nevertheless, stresses on financial reporting in the current economic environment remain, and the need for strong regulatory auditor oversight continues. I look forward to working with my fellow Board Members and our outstanding professional staff to address the challenges ahead, particularly in the area of foreign inspections, as well as our other regulatory and rulemaking responsibilities.”
The PCAOB is subject to oversight by the SEC, which appoints the PCAOB Board Members, after consultation with the Chairman of the Federal Reserve System and the Secretary of the U.S. Treasury Department. The PCAOB was created by the Sarbanes-Oxley Act of 2002 to protect the interests of investors through its oversight of auditing firms that audit public companies.
Mr. Goelzer’s appointment follows the announcement of the resignation of PCAOB Chairman Mark W. Olson, effective July 31, 2009.
“I also want to thank Mark Olson for the strong leadership and insight he has provided during his tenure. I hope to build upon his efforts and the work of the other Board Members as we move forward,” Mr. Goelzer added.
Daniel L. Goelzer has been a Board Member of the PCAOB for six years and is currently serving his second term. He was appointed by the SEC as a founding member of the Board in October 2002. In 2007, the SEC unanimously reappointed him to serve an additional term of five years.
From 1983 to 1990, Mr. Goelzer served as General Counsel of the SEC, becoming the longest serving general counsel in Commission history. Before that appointment, he held the offices of Executive Assistant to the SEC Chairman, and Associate General Counsel in the Office of the General Counsel.
Before joining the Commission in 1974, Mr. Goelzer was law clerk to Judge Thomas E. Fairchild of the U.S. Court of Appeals for the Seventh Circuit. Earlier in his career, he worked as an auditor in the Milwaukee, Wis., office of Deloitte & Touche.
From 1990 until joining the Board, Mr. Goelzer was a partner in the Washington, D.C., office of the law firm of Baker & McKenzie. He practiced in securities and corporate law, specializing in matters involving the SEC.
Mr. Goelzer, a native of Milwaukee, received a B.B.A. (Accounting) from the University of Wisconsin, a J.D. from the University of Wisconsin School of Law, and an L.L.M. from the National Law Center, George Washington University. He is a Certified Public Accountant, licensed in Wisconsin.