Announced on Thursday, the SEC’s next chief accountant — effective July 7 — will be Kurt Hohl, a former EY partner who put in four years in audit at Deloitte after graduation before jumping there in 1989. This won’t be his first rodeo at the SEC.
Mr. Hohl most recently founded Corallium Advisors, which helps businesses navigate the complexities of auditing, regulatory compliance, risk management, and initial public offerings. Before that, he spent 26 years as a partner at Ernst & Young (EY) in a variety of roles. His final EY role was as global deputy vice-chair of EY’s Global Assurance Professional Practice. In that role he was responsible for the operation and oversight of the technical, regulatory, risk, and quality oversight functions of EY’s global professional practice organization — a team of more than 1,400 professionals. Mr. Hohl previously served at the SEC from 1989 to 1997, rising to Associate Chief Accountant in the Division of Corporation Finance. There he authored what became the Financial Reporting Manual, a primary guide for the SEC accounting staff and practitioners in the application of the federal securities laws. He began his professional career at Deloitte Haskins & Sells.
Mr. Hohl received a B.B.S. in accounting from James Madison University and is a certified public accountant in Virginia.
Guaranteed that guy will have a bulldog on his desk, those JMU people are zealous when it comes to their alma mater. Let’s give his long LinkedIn about section a look:
Soon-to-be SEC Chief Accountant Kurt Hohl via LinkedIn
I am a firm believer that change is constant and adaptability is critical to success. My career has focused on anticipating and addressing emerging business trends and risks, continually evolving regulatory changes and organizational challenges with a strong global mindset. From my early professional start as the Associate Chief Accountant at the US Securities and Exchange to my latest role as EY’s Global Deputy Vice Chair – Professional Practice, I’ve gained over 39 years of technical accounting, audit, risk management, sustainability, financial reporting, public policy, and regulatory expertise. My role operates at the highest level of a $50B organization, operating in 150 countries, where I am trusted to identify critical issues and enable key decision-making during periods of unprecedented global change, uncertainty, and economic volatility.
My leadership approach is rooted in authenticity, collaboration, and pragmatism. I believe we are better together, and that success is fostered through cultivating diverse, high-performance teams and mentoring the next generation of leaders. Beyond work, I am a passionate amateur chef, historian, gardener, car enthusiast and collector with a deep commitment to continuous learning and expansion of knowledge.
For industry experience he lists:
Consumer Products
Energy & Utilities
Financial Services
Healthcare & Pharmaceuticals
Industrials
Media & Entertainment
Real Estate
Retail
Technology
Telecommunications
Aerospace & Defense
“I’m pleased to come back to the SEC along with Chairman Atkins,” said Hohl in the obligatory press release quote. “This is a pivotal time for our capital markets, and I look forward to working with the dedicated public servants in the Office of the Chief Accountant to advance accounting and auditing policies that reinforce investor confidence, enhance transparency, and support innovation.”
With the chief accountant appointment sorted, Acting Chief Accountant Ryan Wolfe will go back to his role as Chief Accountant in the Division of Enforcement.
We got two voicemails today, one from head of Banking and one from the Vice-Chair of people, both talking about compensation. I think the underlying fear is that we don’t have enough people anymore in our practice because they keep stressing all the things that the partners are going to do besides compensation to boost morale (like have a lunch with staff sometime around cinco de Mayo).
The last month and a half has been a bit, shall we say, tough on the E&Y and the troops. That being said, the news that Ernie would beat P. Dubs raises may or may not have got some people to relax but it appears that the firm’s leadership is still on the offensive to keep spirits high.
After discussing it with our resident HR expert, the problem with these little wine & dine events is that at this point they are too little, too late. People don’t want they faces fed. They want answers. They are crawling the walls with anxiety about three things:
1. What raises will be.
2. If there will be a bonus pool.
3. Who is getting promoted.
And they want to know the answers ASAP. Raises have been triple-reassured at all the firms and people want to know that number; they want to know if there’s a bonus pool.
Everyone at the point of promotion has made up their minds about what they will do if they get promoted or not. Plus everyone who is not up for promotion is talking about who will get promoted, who won’t and the reactions that will result (e.g. storming out of the office or a nervous breakdown).
The reality is that these things take time. The fact that PwC put a number out there was impressive (and some have said, desperate) shows that partners are aware of the anxiety and they’re trying to get people to relax.
Deloitte is up first, as their fiscal ends 5/31 and we’ve heard that there has been generosity passed around there but it will ultimately depend on the the merit increases. We hear their all hands webcast is coming up soon and that discussions are occurring this month so it won’t be long.
No amount of margaritas, $100 bonuses or NHL playoff hockey tickets will change the fact that people have worked it out in their heads about what they will do when they get the news. And once that news is known, people will act fast. We would encourage everyone to be patient, try and be rational etc. etc. but we also know that’s an futile request.
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