FOR IMMEDIATE RELEASE
2003-141
Washington, D.C., Oct. 23, 2003 — The Securities and Exchange Commission today announced the reappointment of Charles D. Niemeier to the Public Company Accounting Oversight Board (PCAOB). The Commission unanimously selected Niemeier to serve a five-year term as a PCAOB board member upon the completion of his current one-year appointment this month.
SEC Chairman William H. Donaldson said, "I am pleased that the Commission has acted to reappoint PCAOB Board Member Charles Niemeier. Charley's leadership has been essential to the Board -- both as the first Acting Chairman, as well as in his service as a Board Member during the PCAOB's critical first year."
The PCAOB, established by the Sarbanes-Oxley Act of 2002, oversees the audits of the financial statements of public companies through registration, standard setting, inspection and disciplinary programs. Under the Act, the Commission selects members and the Chair of the Board after consultation with the Department of Treasury and the Federal Reserve Board.
The Commission appointed Niemeier as an original member of the PCAOB in October 2002, and named him Acting Chairman in January 2003, a position Niemeier held until June. Immediately prior to his initial selection to the PCAOB, Niemeier was the Chief Accountant in the Commission's Division of Enforcement and co-chairman of the Commission's Financial Fraud Task Force. In these roles, he coordinated, monitored and advised the Division staff as they conducted accounting and financial reporting investigations and initiated enforcement and disciplinary proceedings. Under his leadership, the Commission in FY 2002 brought a record 160 financial fraud, reporting, and accounting cases, including cases involving misleading earnings press releases and misleading disclosures in the Management Discussion and Analysis (MD&A) sections of corporate reports. As both an attorney and a Certified Public Accountant, Niemeier has legal and public accounting experience dealing with complex accounting, auditing, and financial reporting issues.