PracticeConsultingSEC chief accountant to step down

SEC chief accountant to step down

Lynn Turner, chief accountant at the US Securities & Exchange Commission and an auditor independence campaigner, is to resign his post in August after three years of service.

He has decided to move in to the world of academia and will become the director of the Center for Quality Financial Reporting at Colorado State University.

Acting SEC chairman Laura Unger paid tribute to Turner, saying the Commission was losing ‘one of the most active and creative members of the staff’.

She added: ‘Turner was instrumental in many of the improvements made by the Commission and the accounting profession.’

In addition to his involvement in the implementation of new rules for the stock exchanges, the SEC and the accounting profession, he also played a important role in former SEC chief Arthur Levitt’s campaign for a new set of rules governing auditor independence.

Last year Levitt was at the forefront of accounting news, following his crusade for a new set of regulations ensuring auditor independence to safeguard investor confidence in financial reporting.

Describing his time at the SEC as ‘wonderful experience’, Turner said one of the most enjoyable aspects of being chief accountant was working with Levitt and Unger.

But he said he was excited about the prospect of returning to teaching.

Prior to taking on his role as chief accountant at the SEC in 1998, Turner was chief financial officer at manufacturer Symbios and SEC consulting partner at Coopers & Lybrand, now PricewaterhouseCoopers.

Links

SEC releases finalised independence rules

SEC online

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