SEC Seeks PAFs; Jan. 13 Deadline

Dec 29th 2009
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In case you did not notice the Notice earlier this year in the SEC News Digest, the SEC's Office of the Chief Accountant is now accepting applications for Professional Accounting Fellow (PAF) positions, with an application deadline of Jan. 13, 2010. PAF's generally serve for two years (although some have extended their term, and some have joined permanent staff at the Commission at the conclusion of their PAF-hood.)

As described in the notice included in the Oct. 8, 2009 SEC News Digest:

The PAF program, which began in 1972, is designed to provide participating fellows with outstanding opportunities for public service to investors, personal development, and career advancement. During their fellowship, the successful candidates will be involved in the study and development of rule proposals under the federal securities laws, liaison with accounting, auditing and other professional standard-setting bodies, and consultation with registrants on reporting matters. The Office of the Chief Accountant plans to select up to seven candidates for the following positions:

...up to three candidates with significant experience in the application of U.S. GAAP and/or International Financial Reporting Standards (areas of specialty may include, but are not limited to, accounting topics such as revenue recognition, compensation, business combinations, and financial instruments);

... one candidate with significant experience in performing and reviewing valuations for financial reporting purposes (areas of specialty may include, but are not limited to, business enterprise valuations, financial instruments and other complex securities, along with intangible assets); candidate with significant experience with International Financial Reporting Standards and/or International Standards on Auditing; and

...up to two candidates with significant experience in internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act and analyzing and implementing auditing, independence, and/or quality control standards.

Application Requires Essay
The PAF application requires, in addition to completion of specified application forms, "an eight-to-twelve page essay ...on a subject directly related to a current accounting or auditing topic," and the application deadline is Jan. 13, 2010.

Read more about the PAF program (including 'my two cents' about working for the SEC) here.


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