FYI


  President Barack Obama appointed former U.S. Attorney Mary Jo White as SEC chairman. At press time, her approval was still pending before the Senate. SEC Commissioner Elisse Walter had served as interim chairman since Chairman Mary Schapiro resigned in December. Walter will continue on the commission.

Paul Beswick, who had been serving as the SEC’s acting chief accountant since James Kroeker’s departure for the private sector in July, will retain the post, the commission also announced.

Beswick has been a member of the SEC staff since September 2007 and was deputy chief accountant before Kroeker’s departure. Beswick served as staff director of an SEC effort to evaluate the idea of incorporating IFRS into the financial reporting system for U.S. public companies.

That effort resulted in a document released in July that explained the benefits and challenges associated with IFRS but did not make a recommendation. Beswick will lead the SEC’s Office of the Chief Accountant.

The SEC has seen numerous other changes in key positions recently. Division of Corporation Finance Director Meredith Cross, General Counsel Mark Cahn, Trading and Markets Director Robert Cook, and Chief of Staff Didem Nisanci all announced in December that they are leaving the commission. Geoffrey Aronow was named general counsel, and acting directors were named for the divisions of Corporation Finance (Lona Nallengara) and Trading and Markets (John Ramsay).

The SEC announced in January that Enforcement Director Robert Khuzami is leaving the commission.


  Charles Cox, John Dugan, and Teri List- Stoll have been appointed to the FAF board of trustees, the foundation announced.

Their five-year terms began Jan. 1. The three new trustees replace Frank Brod, Edward Harrington, and John Perrell, whose terms ended Dec. 31.

Cox has served as director of finance for the city of Farmers Branch, Texas, since 1993. Dugan, who previously served as U.S. comptroller of the currency, is a partner at the law firm of Covington & Burling LLP. List-Stoll is senior vice president and treasurer of Procter & Gamble.

SPONSORED REPORT

Questions to ask before committing to the cloud

Cloud computing has its pros and cons. In this report, we answer common questions CPAs may have as they consider transitioning partially or fully to the cloud.

QUIZ

News quiz: IRS reopens an online service, but criticism endures

The IRS brings back the Get Transcript Online service, but the agency faces criticism for its handling of the aftermath of the event that led to the shutdown of the service. See how much you know about other recent news with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.