Did you like that lame Upworthy headline? Did it get you to click on this? Sorry about that, you're about to be disappointed.
The Securities and Exchange Commission today announced it has named James Schnurr as its chief accountant.
Mr. Schnurr will begin his new post in October. He will replace Paul A. Beswick, who joined the SEC staff in September 2007 and has served as its chief accountant since 2012.
The SEC’s Office of the Chief Accountant is responsible for establishing and enforcing accounting and auditing policy as well as improving the professional performance of public company auditors. The office works to enhance the transparency and relevancy of financial reporting and ensure that financial statements are presented fairly and have credibility.
“Jim’s broad expertise in accounting, reporting, and risk management will help foster investor confidence by holding companies accountable for their financial reporting requirements,” said SEC Chair Mary Jo White. “His deep knowledge of accounting and auditing standards coupled with his extensive experience interacting with regulators and accounting and auditing standard setters will be invaluable to the Commission.”
From where did Jim gather all this broad expertise in accounting, reporting, and risk management? You and I both know it wasn't on the streets.
Schnurr got his undergrad from College of the Holy Cross and his MBA from Rutgers. From there, he started with Deloitte in 1975 and became partner in 1985. At the time of his recent retirement, he was vice chairman and senior professional practice director. Financial and SEC reporting for public companies was totally his thing, so he knows what's up.
This is no big surprise, as "people familiar with the matter" (media code for rats) spilled that Schnurr was a favorite for the post back in July.
Really, who else was it going to be? A revolutionary, diverse figure from outside the hallowed halls of the public accounting good ole boys club? LOL, yeah sure.