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.
P. Dubs’ “More London” or “MoLo” location is reportedly quite the swinging joint but will only house half of the City’s 11,000 employees. Those left back at the frumpy office aren’t really pleased with this development and the FT reports has caused some to catch a case of “office envy”:
The aesthetic appeal [of the MoLo location] is burnished by eco-friendly credentials. PwC is also backing a nearby bistro and wine bar that will emulate Jamie Oliver by training the homeless. The firm’s staff will also be encouraged to use it. The zeitgeistiness of it all is too much for some of those stuck at PwC’s dowdier offices in Embankment Place, near Charing Cross. But relief could be at hand. [Chairman Ian] Powell revealed that the firm is in talks to redevelop the old site to give it a bit more pizzazz.
While the timing seems early (Klynveld is on a 9/30 FYE), there has been a lot of chatter about the announcement of this year’s class of new managers happening this week.
From a Tim Flynn foot soldier close to the situation:
Heard on Monday that national was supposed to communicate yesterday or today, with communication to us this week.
And as you might imagine, there is some anxiety out there:
I’ll tell you one thing, the SA3s that don’t get promoted, they better get a ridiculous compensation package at the time they tell us we’re getting fucked. Otherwise, we’re all leaving. Two years in a row taking it up the ass from Uncle Peat? No thank you.
That’s the word from an office in the western region. Back east, there seems to be less concern:
DC already [announced], or everyone already knows, at least. Anyone with the requisite number of years and their CPA was promoted but DC has been bleeding employees lately. Everyone’s quitting or going on rotation at the senior and manager levels. Mostly quitting.
And what about those SA3s that don’t get the bump because A) they aren’t particularly popular or B) don’t have their CPA? Turns out KPMG is prepared for that. We’ve learned that the firm is offering a new training this summer specifically for SA4s. Soooo, we imagine that training could have some discussions that goes like this:
SA4 #1: Was told that I’m “not quite ready” (hand quotes, eye roll) and that the 4th year will better prepare me for manager.
SA4 #2: Sucks.
SA4 #1: Sucks.
Keep us posted if you get the yay or nay in your office.
UPDATE: To answer a question in the comments, this is for the audit side of the house. If you’re tax or advisory feel free to weigh in on your own promotion possibilities.
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