Mark Olson, chairman of the Public Company Accounting Oversight Board, will leave the Board effective July 31, ending a tumultuous three-year term where he played a key role in amending compliance obligations for Section 404 of the Sarbanes-Oxley Act.

Olson has been chairman of the PCAOB since July 1, 2006, when he was appointed by the Securities and Exchange Commission. Prior to his work on the PCAOB, he served on the Board of Governors of the Federal Reserve.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...