SEC reappoints two members to auditor watchdog board

Fri Mar 1, 2013 4:01pm EST

A woman waits for an elevator in the foyer of the Fort Worth Regional Office of the Securities and Exchange Commission (SEC) in Fort Worth, Texas June 28, 2012. Picture taken June 28, 2012. REUTERS/Mike Stone

A woman waits for an elevator in the foyer of the Fort Worth Regional Office of the Securities and Exchange Commission (SEC) in Fort Worth, Texas June 28, 2012. Picture taken June 28, 2012.

Credit: Reuters/Mike Stone

(Reuters) - The U.S. Securities and Exchange Commission has reappointed Steven Harris and Jay Hanson to five-year terms at the U.S. Public Company Accounting Oversight Board, a watchdog agency for accounting and audit firms.

Harris and Hanson will serve on the five-member board that oversees inspections, enforcement and standards for corporate auditors, the SEC said in a statement on Friday.

They will be deciding on an array of reforms under consideration by the board, including term limits on companies' auditors and beefing up audit reports attached to companies' financial statements.

The PCAOB was created by the 2002 Sarbanes-Oxley Act as part of sweeping auditor reforms in the wake of accounting scandals at companies such as Enron Corp and WorldCom Inc.

Harris was first appointed to the PCAOB in 2008. He previously served for 15 years as chief counsel for the U.S. Senate Banking Committee. He was also special counsel for APCO Worldwide, a public affairs and communications firm.

A certified public accountant, Hanson joined the PCAOB in 2011. He previously worked for nearly 32 years at accounting firm McGladrey & Pullen LLP.

(Reporting by Dena Aubin in New York; editing by Kevin Drawbaugh and Matthew Lewis)

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