Securities and Exchange Commission Chair Gary Gensler made the stunning decision Friday to remove William Duhnke III as chairman of the Public Company Accounting Oversight Board. Further, the SEC is planning to seek candidates to fill all five board positions at the PCAOB as part of a full-scale overhaul.
It was just over three years ago that the SEC cleaned house at the PCAOB in the wake of the KPMG cheating scandal. Former Chair Jay Clayton then appointed Duhnke to lead the audit regulator, and since then, the supposedly independent organization has become a frequent target for partisan criticism.
