September 9, 2009

The PCAOB: Big Changes Afoot?

Last week, the PCAOB announced that one of the founding Board Members – Charley Niemeier – will be leaving the PCAOB. His term expired a year ago and his actual departure date is unknown. Upon his departure, there will be only three of the five Board slots filled – with Bill Gradison’s term expiring in October and potentially slimming down the Board to two (remember in the mid-90s when Arthur Levitt and Steve Wallman were the only two SEC Commissioners – Commission meetings are somewhat of a joke when its two guys talking to each other).

It’s likely that SEC Chair Schapiro will act before the PCAOB gets too thin up top – and by filling three new slots, the PCAOB’s direction could well change…

PCAOB Staff Issues Guidance on Impact of FASB Codification on Its Standards

Last week, the PCAOB Staff issued these “Questions and Answers” to provide guidance on how the FASB’s codification project impacts references to authoritative literature.

Farewell to a Corp Fin Giant: Bill Toomey

Starting back when the number of SEC Staffers was substantially smaller, Bill Toomey was a Corp Fin staple for nearly 40 years before he retired ten years ago. Here is a note that Corp Fin circulated yesterday:

It is with great sadness that we inform you that one of our former Division members, Bill Toomey, recently passed away. Bill joined the Division in 1959 as an attorney. He enjoyed a long career in the Division, serving in many important positions and retired in 1998. Those of you who had the opportunity to work with Bill will always remember his consistent willingness to spend time sharing his knowledge with less experienced attorneys and his overall character as a consummate gentleman. Several of those whom Bill mentored continue to serve in the Division today. Bill took great pride in his SEC career and represented the best of the Commission in the many years that he served on the staff.

You can make memorial contributions to the Hillandale Volunteer Fire Department (24), 10617 New Hampshire Ave, Silver Spring, MD 20903 or Montgomery Hospice, 1355 Piccard Dr, Rockville, MD 20850.

– Broc Romanek