PCAOB Board Statement on Passing of Former PCAOB Chairman William McDonough
We mourn the loss of William J. McDonough, the first Chairman of the PCAOB, which was established by the Sarbanes-Oxley Act to restore investor confidence in public accounting of American corporations. Appointed by the SEC in April 2003, Bill McDonough stepped in as the first chairman of a start-up regulatory organization in the immediate aftermath of the Enron and WorldCom crises. He was a strong leader whose intellect, stature and unwavering commitment to principle helped establish the credibility of the organization, both domestically and internationally. Under his leadership, the Board established its regulatory approach and programs and forged the international relationships that have led to PCAOB inspections in 50 countries today and helped spread independent audit oversight around the globe. His strong belief in investor protection and public service is still with us today as we carry out the mission of the PCAOB.