The U.S. Securities and Exchange Commission has appointed Bill Gradison acting chairman for the Public Company Accounting Oversight Board and adopted procedures for the selection of permanent chairpersons and board members.

The PCAOB, which is subject to oversight by the commission, was created by the Sarbanes-Oxley Act of 2002 and is responsible for supervising accounting firms that audit public companies.

“As a founding member of the PCAOB, Bill Gradison has demonstrated the leadership ability and experience necessary to oversee the continued progress of this important organization,” SEC chairman Christopher Cox said. “During this interim period, I look forward to working with him, his colleagues, and the PCAOB staff for the protection of investors.”

“The selection of the next chairman of the PCAOB will be substantially aided by the commission’s procedural action announced today. These new procedures are intended to make the selection process transparent, to encourage the thorough consideration of all qualified candidates, to ensure a thorough vetting of candidates, and to establish timetables for the expeditious appointment of individuals of the highest caliber for this critical body,” Cox added. “I deeply appreciate the thoughtful contributions that my fellow Commissioners and the professional staff of the SEC have made to this enduring framework that will benefit investors for years to come.”

Gradison, a founding member of the board, has served as the chairman of the board of directors of the Federal Home Loan Bank of Cincinnati, an investment broker, and a corporate director. He has a doctorate from Harvard University, an MBA from Harvard Business School, and an undergraduate degree from Yale University.

The selection procedures approved today include a timetable for the recommendation of candidates, background checks, commission interviews, and final selection. The new procedures will apply whenever vacancies occur.