Washington, D.C. – The Center for Audit Quality (CAQ) issued the following statement from Executive Director Cindy Fornelli in response to the news of the death of William J. McDonough, the first Chairman of the Public Company Accounting Oversight Board (PCAOB):
"The CAQ is saddened by the passing of William McDonough, a leader to whom investors owe a debt of gratitude.
“In 2003, Bill took the helm of the PCAOB, as its 42nd employee, with a daunting challenge: stand up a new agency that could help restore the public's faith in public company accounting. Drawing on his deep experience and keen understanding of the capital markets, he embraced that challenge with determination and a balanced, thoughtful approach.
"Fifteen years later, the high levels of confidence that investors place in US capital markets and independent auditors bear testimony to Bill's vision.
“The CAQ honors Bill's life and work, and our thoughts go out to his family and loved ones."
About the CAQ
The Center for Audit Quality (CAQ) is an autonomous, nonpartisan public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness, and responsiveness to dynamic market conditions. Based in Washington, DC, the CAQ is affiliated with the American Institute of CPAs. For more information, visit www.thecaq.org.