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February 4, 2012

SEC fills spot on accounting oversight board

“The Securities and Exchange Commission on Friday named an official at the Government Accountability Office, Jeanette M. Franzel, to serve as a watchdog over corporate audits, filling a potentially pivotal seat on an oversight board that was created in the aftermath of the Enron and WorldCom accounting scandals.”

“The five-member Public Company Accounting Oversight Board has been considering major changes that are supported by investors but opposed by accounting firms.”

“One of the SEC’s Democratic commissioners, Luis A. Aguilar, took the highly unusual step of publicly dissenting from Franzel’s appointment, saying the SEC had failed to fulfill a legal requirement that appointees to the board ‘have a demonstrated commitment to the interests of investors.’”

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