Earlier today (Monday, Nov. 26, 2012) the SEC announced that Chairman Mary L. Schapiro would be leaving the SEC effective Dec. 14, 2012. This afternoon, the White House issued a Statement from President Barack Obama thanking Chairman Schapiro for her dedicated service, and announcing his selection of Commissioner Elisse Walter to serve as Chairman of the SEC upon Chairman Schapiro's departure. One of the most interesting elements of incoming Chairman Walter's background, which she has mentioned in a number of speeches to groups such as the American Institute of CPAs in December, 2009 and the Financial Accounting Foundation (which oversees the FASB) in May of this year is that (in addition to the fact that she is a lawyer and a math major by training), her father was a CPA. And many of us know what it is like growing up around someone in the CPA and/or finance profession or having our family group up (maybe put up) around (with) us, during busy season, year-end or quarter-end close, or otherwise. Read more about these developments here:
With that, plus all the changes happening at FASB, the IASB, SEC, PCAOB and COSO, no wonder they say The Times, They Are a-Changing.