There’s a Coup Going Down as We Speak at the PCAOB

Here’s a nice little Friday news dump for y’all to hand-wring over as we head into the weekend:

Securities and Exchange Commission Chairman Gary Gensler has fired the U.S.’s top accounting regulator, a move that is certain to please investor advocates and progressives who had demanded an overhaul of the watchdog.

The SEC announced the removal of Public Company Accounting Oversight Board Chairman William Duhnke in a Friday statement. He was replaced on an acting basis with PCAOB board member Duane DesParte.

Additionally, the SEC announced it intends to seek candidates to fill all five board positions at the PCAOB. So, uh, see ya old guard I guess.

So far we know of at least one person who is celebrating this news.

William Duhnke tried to destroy the audit profession — and the protection of investors from auditors who have forgotten their professional duties — from the inside out. He neither knew nor cared to understand how auditors safeguard capital markets. Good riddance.

— Francine McKenna (@retheauditors) June 4, 2021

Actually, make that two. Let’s not forget the senior staffer born in China who sued the PCAOB for wrongful termination, claiming that Duhnke himself called the Rona “KungFlu” in her presence.

SEC Announces Removal of William D. Duhnke III from the Public Company Accounting Oversight Board; Duane M. DesParte to Serve as Acting Chair [SEC]