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SEC appoints acting chief accountant

The US’ Securities and Exchange Commission (SEC) has appointed Sagar Teotia as its acting chief accountant following the departure of Wesley Bricker in June.

Teotia has served as the deputy chief accountant since 2017. In his position of acting chief accountant he will serve as the SEC’s principle adviser on accounting and auditing matters and will also be responsible for assisting the SEC in its oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB).

Before joining the SEC, Teotia worked as a partner in Deloitte US’ national office.

Teotia said: "I am looking forward to continuing to address the quality of financial reporting through engagement in both domestic and international activities and across the various groups involved in the preparation, audit, and use of financial information."

Bricker steps down after serving as the SEC’s chief accountant for the past three years.

During his time as chief accountant, Bricker worked to strengthen the PCAOB in its mission and operations, worked with FASB in overseeing the identification and resolution of implementation issues related to new accounting standards, and developed recommendations regarding auditor independence and a framework for reporting and disclosing the income tax accounting implications of the U.S. Tax Cuts and Jobs Act

SEC chairman Jay Clayton said: “Wes is both the consummate professional and model public servant. From the first day I met Wes, I was impressed by the depth of his knowledge and his commitment to high quality standards for the benefit of our markets and our investors. Wes has moved the Commission forward in many ways, and I cannot thank him enough for his service."

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