Jay Hanson
Jay Hanson

Jay Hanson submitted his resignation from the Public Company Accounting Oversight Board on Friday, Dec. 23.

A board member since 2011, Hanson had been re-appointed in 2013 to a five-year term that was due to end on Oct. 24, 2018.

According to an announcement from the PCAOB, Hanson notified the board in a letter that, “I have submitted my resignation as Board Member of the Public Company Accounting Oversight Board to the Commissioners of the U.S. Securities and Exchange Commission.”

No further details were available, and a PCAOB spokesperson had no comment.

In November, Hanson was the only board member to vote against its proposed 2017 budget, saying in a statement, "The proposed 2017 budget represents an increase of more than 6.3 percent over the amount we anticipate spending in 2016 and more than 4 percent over the 2016 budget, setting a new high water mark with an accounting support fee of over $267 million."

He also noted that the budget called for a higher headcount than the board was currently operating with. "Before we support further growth in headcount, we should take a close look at our current staffing levels, staff utilization and mix of activities."

Hanson, who was named twice to Accounting Today’s Top 100 Most Influential People list, is a familiar figure in the profession, often explaining the board’s positions to accountants in speeches and presentations.

Before joining the board, he spent nearly 32 years at McGladrey & Pullen LLP (now RSM US), where he worked with a variety of clients ranging from small nonprofit organizations to large multi-national public companies. Hanson served as the national director of accounting, overseeing the firm’s accounting guidance and training practices, as well as leader of the firm’s Accounting Standards Group.

He also served as a member of the Emerging Issues Task Force of the Financial Accounting Standards Board from 2006 to 2011. He also was a member of the Financial Reporting Executive Committee of the American Institute of CPAs from 2005 to 2011, serving as chairman for the final three years of his tenure.

Daniel Hood

Daniel Hood is editor-in-chief of Accounting Today and Tax Pro Today, and has covered the tax and accounting field for over 20 years.