Dec 12 2017

Shelby Praises SEC Appointment of William Duhnke to be PCAOB Chairman

WASHINGTON, DC – U.S. Senator Richard Shelby (R-Ala.) today made the following statement regarding the Securities and Exchange Commission’s (SEC) appointment of William D. Duhnke III to be Chairman of the Public Company Accounting Oversight Board (PCAOB).

 “Chairman Clayton has made an excellent choice in selecting Bill Duhnke to be the next chairman of the PCAOB,” said Senator Shelby. “His intellect and experience ensure his future success in this role. I have relied on Bill’s professional advice and leadership for 20 years, and I know he will be an asset as the Board works to improve audit quality and promote public trust.”

 Mr. Duhnke added, “I greatly appreciate the confidence of Chairman Clayton and the Commissioners. I look forward to working with them, the Office of the Chief Accountant, and my fellow Board members to protect investors and the public interest by promoting informative, accurate, and independent audit reports.”

 Mr. Duhnke is currently the Staff Director and General Counsel for the U.S. Senate Committee on Rules and Administration, which is chaired by Senator Shelby. He previously served as Staff Director and General Counsel for the Shelby-led Senate Committee on Banking, Housing and Urban Affairs and the Committee on Appropriations. Prior to joining Senator Shelby’s personal office in 1995, Mr. Duhnke served in the U.S. Navy and the Commission on the Assignment of Women in the Armed Forces. He received a J.D. from Catholic University and a B.A. from the University of Wisconsin.

 The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies. Additionally, the PCAOB oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.  The five members of the PCAOB Board, including the Chairman, are appointed to staggered five-year terms by the SEC, after consultation with the Chair of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury.