FOR IMMEDIATE RELEASE 2001-82 CHIEF ACCOUNTANT IS SEEKING CANDIDATES FOR FOUR PROFESSIONAL ACCOUNTING FELLOW POSITIONS Washington, DC, August 1, 2001 - The Securities and Exchange Commission's Office of the Chief Accountant announced that it is now accepting applications for four professional Accounting Fellow positions in the Office of the Chief Accountant. 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 two-year term, Fellows work directly with the Chief Accountant, are involved in the study and development of rule proposals under the Federal securities laws, liaison with professional accounting standard-setting bodies, and consult with registrants on accounting and reporting matters. The Chief Accountant would like to select individuals with the following backgrounds to begin in June 2002: * One Fellow for a position with accounting for financial instruments and experience with financial institutions; * One Fellow with experience in the application of international accounting and auditing standards; * Two Fellows with experience in general with U.S. GAAP and GAAS. Applicants should have ten to twelve years of experience in public accounting or its equivalent with at least three to six years as a manager, should be thoroughly familiar with the technical accounting and auditing literature as well as with current issues confronting the profession and must have a demonstrated history of public service. Applicants are required to submit an essay, of not less than twelve pages that they have prepared on their own, identifying and describing public policy initiatives that could be undertaken to improve transparency and financial reporting for investors either in the U.S. or internationally. Interested applicants are to submit: * A resume summarizing the applicant's qualifications including prior public service activities (e.g., public service positions, community service, volunteering); * Standard Form 171, "Personal Qualification Statement," or Form OF-612, "Optional Application for Federal Employment," or any other written format that clearly identifies the announcement number, title, series, and grade of the job for which the applicant is seeking; and * At least two letters of recommendation from non- relatives. Standard Form 171, Form OF-612, and "Applying for a Federal Job," which highlights the information to be included in the resume or other written submission, can be obtained from the Office of Personnel Management, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C., 20549. Form OF-612 is also available on the Internet at http://www.opm.gov. The application and essay should be submitted on or before December 14, 2001, to the Chief Accountant of the Securities and Exchange Commission. Inquiries about the program may be addressed to the attention of E. Michael Pierce in the Office of the Chief Accountant by calling 202-942-4400 (e-mail: PierceM@sec.gov). The Commission's policy of affording equal employment opportunity to all interested candidates will be followed. # # # ATTACHMENT July 2001 Office of the Chief Accountant PROFESSIONAL ACCOUNTING FELLOW PROGRAM Nature of the Program The program is designed to appoint outstanding professional accountants to the staff of the Office of the Chief Accountant of the U.S. Securities and Exchange Commission for a nonrenewable term of twenty-four months, which may be extended for an additional period of up to three months. There currently are six Professional Accounting Fellows (PAFs) in the Office of the Chief Accountant. The PAFs will be assigned to work under the direct supervision and guidance of the Chief Accountant to the Commission. Specific work assignments will be developed jointly by the Chief Accountant and the PAFs and will depend upon the needs of the Commission at the time and the interest and personal qualifications of the PAFs. Typically, the assignments will require the PAFs to develop innovative ideas and problem-solving concepts within the framework of SEC accounting policies and generally accepted accounting principles. The PAFs' responsibilities will include the study of significant accounting and auditing issues or concepts, participation in the development of Financial Reporting Releases and Staff Accounting Bulletins, and evaluation of current reporting by registrants. The PAFs also will perform research, develop position papers, and meet with various governmental and private professional groups involved in the financial reporting process. In connection with the Commission's oversight role, they may participate as an observer at various meetings of accounting and auditing standard-setting bodies. A portion of their time is expected to be devoted to tasks designed to increase their knowledge of the functions of the Commission as a whole through cooperative efforts with other Divisions and Offices. Eligibility Requirements To be eligible for participation in the program, candidates must meet the following requirements: * Demonstrate a history of public service. * Have excellent verbal and written communication skills. * Possess effective organizational and interpersonal skills. * The applicant must be thoroughly familiar with and have broad-based experience with auditing, reporting, and accounting standards. * In addition, the applicant must have ten to twelve years of experience in public accounting work or its equivalent (for example, assignment as a person responsible for financial reporting in a company or teaching accounting at the college level could qualify as such experience). This experience must have included work that provided the candidate with an understanding of SEC accounting and/or SEC registration procedures. At least three to six years of this experience must have been at a managerial level in a public accounting firm or in an organization that has provided equivalent experience in financial accounting and reporting. For example, this level in a CPA firm would be characterized by assignments that require the individual to plan and control audit engagements, supervise the audit staff engaged in conducting the examination, and review the results with the partner in charge of the engagement. If the applicant's managerial experience is not in public accounting, appropriate experience would be characterized by assignments that involved the research, evaluation, and resolution of accounting and disclosure issues. Application Process We are accepting applications for four appointments commencing in June 2002. The Chief Accountant would like to select individuals with the following backgrounds: * One Fellow for a position with accounting for financial instruments and experience with financial institutions; * One Fellow with experience in the application of international accounting and auditing standards; * Two Fellows with experience in general with U.S. GAAP and GAAS. Interested applicants are to submit: * A resume summarizing the applicant's qualifications including prior public service activities; * Standard Form 171, "Personal Qualification Statement," or Form OF-612, "Optional Application for Federal Employment," or any other written format that clearly identifies the announcement number, title, series, and grade of the job for which the applicant is seeking; and * At least two letters of recommendation from non- relatives. Standard Form 171, Form OF-612 and "Applying for a Federal Job," that highlights the information to be included in your resume or other written submission, can be obtained from the Office of Personnel Management, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C., 20549. Form OF-612 is also available on the Internet at http://www.opm.gov. Applicants are required to submit an essay, of not less than twelve pages they have prepared on their own, identifying and describing public policy initiatives that could be undertaken to improve transparency and financial reporting for investors. The application and essay should be submitted on or before December 14, 2001, to the Chief Accountant of the Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C., 20549-1103. Inquiries about the program may be addressed to the attention of E. Michael Pierce in the Office of the Chief Accountant, 202-942-4400 (PierceM@sec.gov) Selection Process A selection committee will review the applications received and select as finalists the best-qualified candidates. Candidates will be evaluated on the basis of their qualifications, the nature and requirements of work assignments to be performed, their public service record and the relative quality of the essay, including its relevance to current SEC problems, issues, and policy. The finalists will be contacted for an interview, which is expected to occur in February 2002. The Chief Accountant will make the final selection. The Commission's policy of affording equal employment opportunity to all interested candidates will be followed. Conditions of Appointment PAFs will be required to sever all ties with their current employers before accepting appointment. They will be subject to the conflict-of-interest laws applicable to Federal employees and must agree in writing to adhere to the "Regulation Regarding the Conduct of Members and Employees and Former Members and Employees of the Securities and Exchange Commission." This does not prohibit their return to their former employers. No PAF will be assigned to enforcement investigations or to individual cases or matters in which he or she was previously associated. The salary level for each PAF will generally be established at the entrance level rate of pay for the grade of the position involved, which normally will be GS-15. The SEC will not pay relocation expenses. PAFs are covered under the Federal Government's employee retirement system (which includes participation in the Social Security system) and the annual and sick leave regulations applicable to Federal employees.