The SEC on Friday dismissed PCAOB chairman William Duhnke III as the SEC begins a transition that is expected to result in additional revenue for the board.

Duane DesParte, a CPA who was sworn in as a board member in April 2018, has been named interim chairman, and the SEC has announced plans to seek candidates for the five board positions, one of which is vacant. since early 2021.

The SEC selects the members and chairman of the board, which oversees audits of the financial statements of public companies and brokers and dealers through registration, standard setting, inspection and discipline programs . The PCAOB was created by the Sarbanes-Oxley Act of 2002, PL 107-204.

“The PCAOB has the opportunity to live up to the vision of Congress in the Sarbanes-Oxley Act,” SEC Chairman Gary Gensler said in a press release. “I look forward to working with my fellow Commissioners, Interim President DesParte, and PCAOB staff to set it on a path to better investor protection by ensuring that public company audits are informative, accurate and independent. “

DesParte joined the PCAOB after retiring from Exelon Corporation, where he served as a management controller and other financial functions for 15 years, following an 18-year career in the auditing profession.

“I am honored to work with the SEC and PCAOB staff as interim president to ensure that we fulfill the mission established by Congress,” he said.

– Ken tysiac ([email protected]) is the JofAeditorial director of.