The SEC announced today that Chief Accountant Paul Beswick is out, with his sights set on the private sector. He'll hang around for a bit (a "transitional period" for you corporate drones) to make sure his exit doesn't screw up all his hard work over the last 2 years.
Beswick first joined the SEC in 2007 as senior advisor to the chief accountant. Before the SEC, Beswick did time with EY in their Professional Practice and Risk Management Group and also served as a practice fellow at FASB.
The SEC highlighted Beswick's accomplishments over six years at the Commission:
- Served as staff director for the SEC Staff’s Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers, which concluded with the publication of the SEC Staff Final Report
- Advised on the accounting and professional practice implications of numerous Commission rulemakings and initiatives, including those required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Jumpstart Our Business Startups (JOBS) Act
- Helped lead the preparation of the congressionally mandated Study on Mark-to-Market Accounting.
- Worked closely with the SEC’s Advisory Committee on Improvements to Financial Reporting (CIFiR)
SEC Chair Mary Jo White said: "Paul’s leadership, critical analysis and sound judgment earned him the respect and admiration of his colleagues and staff. He has been an invaluable asset to our accounting and auditing program. I will miss his wise counsel and insight."
“I have truly been fortunate to serve as chief accountant under two chairs and alongside the talented and highly dedicated staff in the Office of the Chief Accountant,” said Mr. Beswick. “Throughout my service at the Commission, the staff of the Office of the Chief Accountant has faced many challenges and opportunities. I have been continually impressed with how they rise to the occasion in the interest of investors and the U.S. capital markets. I will miss the many relationships I have developed throughout the Commission during my service.”