US SEC overhauls board of US accounting watchdog

By Chris Prentice

NEW ⁠YORK, Jan ⁠30 (Reuters) - ‍The U.S. Securities and Exchange Commission on Friday tapped new board members to lead ‍the country's audit watchdog, including a new ​chairman who spent four decades at large audit firm Ernst ​and Young.

The SEC said in a statement that it has tapped retired EY auditor Demetrios Logothetis to lead the PCAOB, ​a nonprofit created by Congress in response to a series of accounting scandals and auditing ​failures that led to the bankruptcies of Enron and WorldCom.

The SEC previously ‌ousted the PCAOB head who had been appointed by Democratic leadership.

"I am confident that ​this new Board will usher ⁠in a new day at the PCAOB - one of sensible, efficient oversight of ‌auditors," said SEC Chairman Paul Atkins in a statement.

The SEC also tapped Mark Calabria, who currently has ‌roles at both the U.S. Office of Management and Budget and ‌the Consumer Financial Protection Bureau, as one of the new board members.

Kyle Hauptman, the chairman and lone board member ‍of the National Credit Union Administration, and current PCAOB official Steven Laughton will ⁠also join the Board, the SEC said.

Longtime PCAOB official George Botic will stay on in his role as Acting Chairman until Logothetis is sworn in, it said.

(Reporting by Chris Prentice)

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