C. Gregory Scates was promoted to deputy chief auditor of the Public Company Accounting Oversight Board on Tuesday. The 53-year-old was most recently the organization’s associate chief auditor.
Scates will replace outgoing deputy chief auditor Laura Phillips, who played a major role in writing — and rewriting — the controversial Auditing Standard No. 2. Phillips, who announced her plans to leave the PCAOB in April, also played a key role in revamping AS2 into AS5 after company complaints that the original standard was causing auditors to conduct overly detailed, and expensive audits. AS5 was approved by the PCAOB on May 24 and submitted to the SEC, which is likely to approve it after a comment period scheduled to July 12.
In his new position, Scates will be responsible for providing “technical direction in the development of the board’s standards” as well as assisting in managing the activities of the Chief Auditor Tom Ray’s office.
According to the PCAOB, Scates, who joined the organization in 2003, was instrumental in crafting AS1 and AS3, which deal with reporting on audits in accordance with the PCAOB standards and auditing documentation. He also developed staff guidance on technical auditing matters and led various current standards-setting projects.
“Greg has been a key member of our team,” said Ray. “He is an accomplished professional and has clearly demonstrated the skills needed to fill the role of deputy chief auditor. I am delighted he is willing to take on the additional responsibilities.”
Prior to joining the PCAOB, Scates was associate chief accountant in the Division of Enforcement at the SEC.