Enforcement director Khuzami leaves SEC

BY KEN TYSIAC

Turnover in key staff roles at the SEC continued Wednesday with the announcement that the commission’s enforcement director, Robert Khuzami, is departing.

Khuzami was named enforcement director in February 2009. The SEC brought a record 735 enforcement actions in fiscal year 2011, and brought almost as many – 734 – in fiscal year 2012.

Under Khuzami, the SEC underwent a significant restructuring, creating specialized prosecution units in high-priority areas.

“Rob’s leadership and bold ideas transformed and reinvigorated the enforcement program,” SEC Chairman Elisse Walter said in a news release.

The commission did not give specifics about the timing of Khuzami’s departure.

The SEC has seen significant changes in key positions over the last six months, including the departure in December of Chairman Mary Schapiro, who was succeeded by Walter.

Chief Accountant James Kroeker left the commission in July and was replaced by his former deputy, Paul Beswick. In December, the SEC announced the departures of Division of Corporation Finance Director Meredith Cross, General Counsel Mark Cahn, Trading and Markets Director Robert Cook, and Chief of Staff Didem Nisanci.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.