James Kroeker, 44, will be a vice chairman of the U.S. Financial Accounting Standards Board, the board's parent organization, the Financial Accounting Foundation said in a statement on Wednesday. Kroeker is known for handling difficult policy decisions during the 2008-2009 financial crisis and will face projects that have been slowed by disagreements between board members and resistance from the business community. A former deputy managing partner at accounting giant Deloitte, Kroeker was a central figure at the SEC in weighing whether the United States should move to international accounting standards. As chief accountant from 2009 to 2012, he led the regulator's efforts to study that issue, which has yet to be resolved. [Reuters]
- Caleb Newquist
- June 15, 2011
SEC commissioners will vote today on proposed changes to broker-dealer auditing and reporting rules at a meeting in Washington. As with the 2009 rules, which tightened oversight of advisers’ custody of client assets after Bernard Madoff Ponzi scheme was exposed, the new changes increase oversight of the minority of about 300 broker-dealers who hold customers’ cash.
The proposals — which would be opened for a 60-day comment period — would require that a broker-dealer’s internal controls be checked by a registered public accounting firm and would let regulators examine the broker-dealer’s audits. Broker-dealers would have to file quarterly reports describing whether they have access to client money and how any access is controlled. [Bloomberg]
- Caleb Newquist
- July 28, 2009
The SEC would like everyone to know that it was “actively investigating” Stan the Man “well before the multibillion-dollar fraud by Bernard Madoff was revealed” but was “hampered by a lack of cooperation” from the Gun Show.
The investigation started back in 2005 but the SEC decided it wasn’t really time to get serious with Stan until after the whole Madoff SNAFU broke. So it sounds like from 2005 to late 2008, the “actively investigating” consisted of the following:
SEC: Hi. Are you running a Ponzi scheme?
Stan: I’ll die and go to hell if it’s a Ponzi Scheme
SEC: Good enough for us. Thanks for your help.
Give the SEC a break people. They were really trying on this one.
Stanford Hampered SEC Probe [WSJ]
- Caleb Newquist
- March 15, 2010
But it is March 15th and corporate return extensions are being submitted en masse. Tomorrow is also the deadline for accelerated filers to submit their 10-Ks so auditors that are borderline delirious (and probably feeling frumpy) might get more than four hours of sleep this week.
For you tax jockeys, today could mean a couple of things: 1) this is a bump in the road and your life will be even more hectic as your deadbeat clients who are now realizing that April 15th is coming up fast or 2) you don’t touch anything that isn’t an 1120 and you’re in the clear for awhile.
And for you auditors, hopefully you haven’t forgotten our little teaching lesson from the previous deadline? Try and catch all the embedded “f*cks.” And hey! E&Y is still having Canadian Tuxedo Fridays for a couple more weeks so that’s something to look forward to, amiright?
Yes, there are some of you out there that are still billing monster hours with no end in sight. But look at this way, if you haven’t quit by now, you’re in it to the end, so you better just read this reminder from Deloitte and get back to it. It’ll be over soon enough.