September 23, 2005
William McDonough Resigns
Posted by Gordon Smith

For William McDonough, I assume that (relative) anonymity is a sign of success. He was appointed to chair the Public Company Accounting Oversight Board (PCAOB) in the wake of the SEC's mishandled appointment of William Webster. While the PCAOB has not run without controversy, that controversy has swirled around an honest and healthy debate about the proper regulation of auditing firms, not about the integrity of the regulator. That is as it should be. Now McDonough is resigning, and the SEC will appoint a successor. The glare of public attention has mostly faded, but I will be watching.

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