McDonough, Carmichael tapped.

• Position: PCAOB News

The Public Company Accounting Oversight Board is taking shape.

The SEC unanimously selected William J. McDonough as chair of the five-member PCAOB. McDonough had been the president of the Federal Reserve Bank since 1993, after serving 22 years at First National Bank of Chicago.

And the oversight board named Douglas Carmichael, an accounting professor at Baruch College, as its chief auditor. A longtime critic of auditing standards--and the Big...