The Public Company Accounting Oversight Board (PCAOB) today announced that it is seeking a Director for the new Financial Reporting Fraud Resource Center it is now establishing in Washington, D.C. This national center will be geared toward the prevention and detection of financial fraud, with the primary objective of maintaining and developing information related to financial reporting fraud. The Director will be responsible for the day-to-day operations of the Center, including hiring and managing the staff of the Center.
PCAOB says it is looking for a licensed CPA, JD or MBA with a minimum of ten years experience related to “accounting, auditing, federal securities laws and analysis of capital markets, industries and companies. Experience should include the assessment of the risk of, or investigations of, fraudulent financial reporting, with an emphasis on fraud relating to publicly traded companies.”
|The Public Company Accounting Oversight Board (PCAOB or Board) is a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.
The PCAOB is establishing a Financial Reporting Fraud Resource Center (Center) in response to a recommendation from the Treasury Advisory Committee on the Auditing Profession for the creation of a national center to facilitate the prevention and detection of financial fraud. The Center’s primary objectives are to maintain and develop information related to financial reporting fraud, which can arise from a broad array of factors, including accounting and disclosure, auditing, corporate governance, insider trading, executive compensation, economic and other environmental circumstances, among other things, to complement the work of the PCAOB in this area and raise the awareness of the investing public, and regulators and relevant gatekeepers.
|The PCAOB is seeking to fill a full-time, regular position for Director of the Center at its Washington DC office. The Director of the Center initially will be responsible for working cooperatively with the Chairman of the Board, other Board Members, PCAOB senior staff, and, as necessary or appropriate, the SEC staff regarding the establishment of the Center, including the development of a budget, operating requirements and scope of work for the Center. Once the Center is established, the Director will be responsible for the day-to-day operations of the Center, including hiring and managing the staff of the Center. The Director will report to the Chairman of the Board on the activities of the Center.|
|• Work cooperatively with Board Members, senior PCAOB staff, and others as necessary or appropriate to develop a budget and operational plan for the center.
• Work cooperatively with Board Members, senior PCAOB staff and others as necessary or appropriate to (1) design and create a database and archive of financial frauds and related events to serve as a resource for public information and research, which may include, among other things, negative events such as restatements, litigation, and regulatory actions, and (2) define the Center’s other ongoing activities to identify emerging issues related to fraudulent financial reporting.
• Review, analyze and interpret financial trends, developments and anomalies in domestic and foreign capital markets, industries and public companies to identify factors that may contribute to financial reporting fraud.
• Monitor emerging fraud risks (financial and non-financial) and developments (geo/economic and geo/political) in domestic and foreign capital markets, industries and public companies.
• Identify and acquire essential information for use in developing continuous or ad hoc assessments of markets, industries and public companies for indications of, opportunities for, and trends in fraudulent financial reporting.
• Coordinate the maintenance of a repository of information related to financial reporting fraud, including types of fraud, case histories and lessons learned, current trends and risks, and best practices to identify financial reporting fraud.
• Oversee the preparation of periodic and ad hoc public reports on risks related to financial reporting fraud and assist in developing educational materials or seminars on specific areas of financial reporting fraud.
• Coordinate projects, data, information and/or analysis with staff from various offices within the PCAOB and stay informed of auditing developments.
• Maintain contacts at the SEC, FASB, and other agencies and organizations as appropriate, and with the academic community, and stay abreast of emerging accounting and legal developments. Familiarity with the rules, regulations and policies of the SEC and other agencies is particularly important so that any recommendations or analysis presented by the Center to assist gatekeepers in the identification of financial reporting fraud are not only in the public interest but also in line with the rules and regulations and policies of those agencies.
• Develop and maintain communication with professional organizations and monitor firm policies and procedures to address risks of fraudulent financial reporting.
• Make oral and written presentations at conferences or participate in symposiums regarding factors impacting financial reporting fraud.
• In conjunction with the Chairman of the Board and other Board members, as appropriate, establish the long-term strategic policy direction, objectives, budgets and plans for the Center.
• Hire and supervise the staff of the Center, including coordinating staff assignments, goal setting and conducting periodic performance evaluations.
|• Licensed CPA, JD or MBA or equivalent training and/or experience required. A minimum of ten (10) years experience related to accounting, auditing, federal securities laws and analysis of capital markets, industries and companies. Experience should include the assessment of the risk of, or investigations of, fraudulent financial reporting, with an emphasis on fraud relating to publicly traded companies.
• Experience in credit, financial or operational risk assessment/management of public companies.
• Experience in public accounting and/or familiarity with the application of accounting and auditing guidance including GAAP, PCAOB standards, and the federal securities laws and regulations related to the issuance of audited financial statements. Working knowledge in corporate governance and executive compensation is highly valued.
• Understanding of the regulations relating to publicly traded companies in the U.S. and foreign countries, including financial reporting requirements.
• Demonstrated ability to research, analyze and report on public company financial data, financial reporting fraud and fraud risks associated with markets, industries and public companies.
• Demonstrated ability to work independently and as a member of a team; strong supervisory, management and people skills.
• Demonstrated managerial experience.
• Strong oral and written communication skills.
• Ability to travel some.
|The PCAOB encourages a spirit of cooperation and teamwork, and fosters an environment of professional growth where employees can exercise their leadership ability, creativity, technical competence, and public interest focus in helping the PCAOB fulfill its mission.|
|Equal Employment Opportunity|
|The PCAOB is an Equal Opportunity Employer committed to establishing a diverse workforce.|