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Daniel L. Goelzer

Daniel L. Goelzer has been a member of the Public Company Accounting Oversight Board (PCAOB) since its inception in 2002.  His term is expiring in October, 2011, and the SEC is initiating a process that will eventually result in his replacement.

In a letter sent to key regulators and other officials, SEC Chairman Mary Schapiro said:

According to the [Sarbanes-Oxley Act of 2002], two members of the Board must be or have been a CPA.  One of the members that the Commission recently appointed is a CPA.  The term of the other CPA member expires in October, 2011 …

The Act requires that the Board members be “appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures.”

In addition to the requirements of the Act, we consider other desirable experience and related criteria of candidates, including experience that demonstrates a strong understanding of the role of auditors in the Commission’s financial reporting and disclosure system, the ability to be a fair regulator from the viewpoint of all participants in the financial markets, a demonstrated record of independence and the ability to make unpopular decisions when necessary, and the ability and willingness to serve the full term to which appointed.

Names and qualifications should be submitted for consideration by June 17 via email to: Board-recommendations@sec.gov or via mail to: U.S. Securities and Exchange Commission, Office of the Chief Accountant, 100 F Street, NE, Washington, DC 20549, Attn: PCAOB Suggestions.

The official announcement is posted here.  The SEC’s procedures for PCAOB member or chair selection is posted here.

Debit and credit – – David Albrecht

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