Daniel Goelzer Named Acting Chairman of PCAOB

Earlier today, the SEC issued a press release announcing the appointment of PCAOB board member Daniel Goelzer to serve as acting chair of the PCAOB, effective Aug. 1. As noted in a separate press release issued moments ago by the PCAOB, Goelzer has served on the PCAOB board since its formation in 2002. Among his previous postions, he was the longest-serving General Counsel of the SEC in the Commission's history.

Goelzer takes over the helm of the PCAOB from Chairman Mark Olson, who announced in June that he planned to retire effective July 31.

Tomorrow's PCAOB open board meeting will thus be the last one at which Olson is expected to officiate as chair, when the board meets to: (1) consider adopting an auditing standard on Engagement Quality Review and (2) consider issuing a Concept Release on Requiring the Engagement Partner to Sign the Audit Report.

In announcing his retirement, Olsen "indicated he had no immediate plans for post-PCAOB service other than to resume involvement in efforts to promote financial literacy." The need for greater financial literacy and education has received attention of the SEC and various national and state initiatives, and was among issues that received a fair amount attention in this morning's session of the SEC's new Investor Advisory Committee, slated to continue its meeting at 1pm EDT.

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