Paul Beswick Named SEC Chief Accountant

FOR IMMEDIATE RELEASE
2012-275

Washington, D.C., Dec. 21, 2012 — Securities and Exchange Commission Chairman Elisse Walter today announced the appointment of Paul A. Beswick as the agency's Chief Accountant. Mr. Beswick has been serving as Acting Chief Accountant for the past several months.

"Paul has served the Commission with great distinction and provided wise counsel on difficult accounting questions," said SEC Chairman Elisse Walter. "Investors and the accounting profession will benefit with Paul as the Chief Accountant."

The SEC's Office of the Chief Accountant is responsible for establishing and enforcing accounting and auditing policy to enhance the transparency and relevancy of financial reporting, and for improving the professional performance of public company auditors in order to ensure that financial statements used for investment decisions are presented fairly and have credibility.

Mr. Beswick joined the SEC staff in September 2007 has held several positions in the Office of the Chief Accountant. Prior to assuming the role of Acting Chief Accountant, Mr. Beswick served as Deputy Chief Accountant and was responsible for the day-to-day operations of the office's accounting group, including resolution of accounting practice issues, rulemaking, and oversight of private sector standard-setting efforts.

Mr. Beswick also served as staff director of a multi-year effort to help the Commission evaluate the implications of incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. companies. The effort began in February 2010 and a final staff report was published earlier this year.

Mr. Beswick replaces James L. Kroeker, who left the SEC in July 2012 to return to the private sector.

Prior to joining the SEC staff, Mr. Beswick was a Partner with Ernst & Young LLP, where he worked in the firm's Professional Practice and Risk Management Group. He also served as a Practice Fellow at the Financial Accounting Standards Board, where he assisted in the development of accounting guidance related to evolving accounting issues.

Mr. Beswick is a graduate of Miami University in Oxford, Ohio.

# # #