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The Daily

SEC Delays Search for New PCAOB Chair

By:
Chris Gaetano
Published Date:
Feb 22, 2016

board_chairman_dotySEC Chair Mary Jo White said she will hold off on deciding whether to replace or retain James Doty as the chair of the Public Company Accounting Oversight Board (PCAOB) until the commission's vacancies have been filled, according to Reuters. The five-member commission is two short after Republican Daniel Gallagher and Democrat Luis Aguilar stepped down late last year. According to The Wall Street Journal, White said the decision should not be made until the commission has its full complement of members. Until that time comes, Doty, who was appointed in 2011, will continue to serve even though his term technically ended in October. 

 The debate over whether or not to keep him has been a contentious one within the SEC, according to Reuters. He is known for launching ambitious proposals such as the expanded audit report and mandatory audit firm rotation. While some have praised these efforts others have said they're too far outside the board's mandate.