One of the founding fathers of the US accounting regulator left the watchdog yesterday. William McDonough had been chairman of the Public Company Accounting Oversight Board for almost two-and-a-half years.
The PCAOB was created by the 2002 Sarbanes-Oxley law on accounting and corporate governance, as part of efforts by lawmakers to restore investors' confidence in companies' financial statements.
Mr McDonough played a significant part in enabling the accounting profession to begin to regain public trust after a raft of corporate scandals highlighted how auditors failed to blow the whistle on financial reporting frauds such as Enron, WorldCom and HealthSouth. He and his staff ensured the big accounting firms once more made auditing their number one priority.
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