Published on Aug 26th, 2014 | Posted in Articles

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.”

Mr. Schnurr said, “I am honored to join the Commission staff to further the protection of investors in our capital markets.  I look forward to working with the Commissioners and the Commission’s talented staff to ensure that companies are providing accurate and complete financial information and that auditors are upholding the public trust in providing assurance to investors about that information.”

Mr. Schnurr recently retired from Deloitte LLP, where he was vice chairman and senior professional practice director and specialized in financial and SEC reporting for public companies.  He began his career at Deloitte in 1975 and became a partner in 1985.  He was a senior partner for mergers and acquisition services from 1994 to 2002 and a deputy managing partner of the firm’s professional practice from 2002 to 2009 where he was responsible for quality control and risk management of the firm’s audit and advisory services.  He also has served on various working and advisory groups of the Financial Accounting Standards Board (FASB), Public Company Accounting Oversight Board (PCAOB), and American Institute of Certified Public Accountants (AICPA).

Mr. Schnurr received his undergraduate degree from the College of the Holy Cross and his MBA from Rutgers University.