<P> In 2017, auditors began filing information on the names of engagement partners and other audit firms that participate in the audits of U.S. public companies . The PCAOB created a searchable database called AuditorSearch for investors and others to know more about who is leading and participating in audits through these filings, adding more specific data points to the mix of information that can be used when evaluating audit quality . </P> <P> The PCAOB also adopted a new standard in 2017 to enhance the usefulness of the standard auditor's report by providing additional and important information to investors, such as the critical audit matters (CAMs) that auditors communicate to the audit committees of the public companies they are auditing . These are matters that are related to accounts or disclosures that are material to the financial statements, and involved especially challenging, subjective, or complex auditor judgment . The CAMs requirement goes into effect in 2019 and 2020 . Beginning in 2017, the updated auditor's report also includes the tenure of the auditor with that company . </P> <P> The PCAOB has five Board members, including a Chairman, each of whom is appointed by the SEC, after consultation with the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury . Two Board members must be Certified Public Accountants . If the PCAOB Chairman is one of them, he or she may not have been a practicing CPA for at least five years prior to being appointed to the board . Each member serves full - time, for staggered five - year terms . The Board's budget, approved by the SEC each year, is funded by fees paid by the companies and broker - dealers who rely on the audit firms overseen by the Board . The organization has a staff of about 800 and offices in 11 states in addition to its headquarters in Washington . </P> <P> The PCAOB's current Chairman is William D. Duhnke III, who was sworn in on January 2, 2018, by the Securities and Exchange Commission . Previously, he served as Staff Director and General Counsel to three Senate Committees . From 2011 - 2017, James R. Doty served as Chairman, a former SEC General Counsel and a former partner at the law firm of Baker Botts LLP . He was preceded by Mark W. Olson, a former member of the Federal Reserve Board of Governors . The first Chairman in place at the PCAOB was former President and Chief Executive Officer of the Federal Reserve Bank of New York, William Joseph McDonough . The SEC first appointed William H. Webster to the position, a prominent lawyer and former Director of both the FBI and CIA . He resigned after several weeks and prior to the Board's first official meeting (as explained below). </P>

Who appoints the members of the public company accounting oversight board quizlet