Financial Executives International (FEI) has a pretty good piece on the struggles newly-announced SEC Chief Accountant Jim Schnurr will face in his time at our favorite porn-loving securities regulator. You should go read it. Like the whole thing.
Make sure you don't miss this part:
Lynn E. Turner’s take on the matter, perhaps not unsurprisingly given Turner’s legacy as Chief Accountant during then-Chairman Arthur Levitt, Jr.’s tenure, and considering his outspoken point of view on various PCAOB advisory committees including the SAG and the Investor Advisory Group, was that, “[Schnurr's appointment] continues the Big 4 “capture” of the office.
To call Lynn Turner's view "outspoken" is like calling my potty mouth "mildly unsavory."
As we asked on our post about Schnurr's appointment yesterday, who else were they going to choose? Turner himself has roots in the Big 4, or rather, whatever Big it was back when Turner was a partner at Coopers & Lybrand, he knows what's up.
The "capture" is alive and well.