Mark W. Olson said Monday he would step down as chairman of the Public Company Accounting Oversight Board this summer, giving the new chairwoman of the Securities and Exchange Commission the ability to name a majority of the board.
The board, which regulates the auditing profession in the United States, was created by Congress when it passed the Sarbanes-Oxley Act in 2002. The new chairman will have to deal both with the possibility that the Supreme Court will rule the board is unconstitutional and with a growing argument with the European Commission over the ability of the board to inspect auditing firms based in Europe.
Mr. Olson, 66, will leave the board on July 31, just over three years after he was appointed chairman by Christopher Cox, then chairman of the S.E.C. Mr. Cox juggled terms to give Mr. Olson, a former governor of the Federal Reserve, a longer tenure.
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