Mark A. Adler Named Deputy Director and Chief Trial Counsel in the PCAOB Division of Enforcement and Investigations

Washington, DC, May 14, 2014

The Public Company Accounting Oversight Board today announced that Mark A. Adler has been promoted to Deputy Director and Chief Trial Counsel in the Division of Enforcement and Investigations, where he will oversee the litigation program, effective May 12.

"Mark's judgment and acumen have been invaluable assets to the Division's litigation program, and his sage counsel has been equally invaluable to me," said Claudius B. Modesti, PCAOB Director of Enforcement and Investigations. "As Chief Trial Counsel, he will use his considerable experience and expertise to oversee our most complex litigation matters."

Since joining the PCAOB in December 2010, Mr. Adler has litigated enforcement proceedings as Deputy Chief Trial Counsel. Among other matters, he led the Division's litigation against Ernst & Young LLP and four of its current and former partners, which resulted in a settlement that equals the Board's largest monetary penalty to date.

Previously, Mr. Adler served at the Securities and Exchange Commission in the Division of Enforcement, both as Acting Chief and Deputy Chief Litigation Counsel. He litigated and advised on a wide range of SEC enforcement matters, including cases involving complex financial fraud, insider trading, securities offering fraud, and emergency relief to stop ongoing fraud.

Before his tenure at the SEC, Mr. Adler spent more than nine years at the Department of Justice, where he investigated, prosecuted, and tried major white collar criminal cases. Earlier in his career, Mr. Adler handled civil litigation and other general commercial matters in private law practice in New York.

"I am honored to have been chosen as Chief Trial Counsel," said Mr. Adler. "Working for the protection of investors with my talented and dedicated colleagues at the PCAOB is a privilege, and I look forward to building on our achievements."

The PCAOB uses its investigative and disciplinary authority to address serious audit deficiencies that pose significant risks to investors and to hold accountable auditors who run afoul of their professional obligations. To date, the PCAOB has imposed 60 sanctions on registered accounting firms and 78 sanctions on persons associated with registered firms.

More information about the Division of Enforcement and Investigations may be found on the PCAOB website. Suspected misconduct by auditors can be reported to the PCAOB Tip & Referral Center.