Deputy Chief Accountant Brian T. Croteau to Leave SEC
FOR IMMEDIATE RELEASE
Washington D.C., July 22, 2016 —
The Securities and Exchange Commission today announced that Brian T. Croteau, Deputy Chief Accountant, is planning to leave the agency.
Since he was appointed Deputy Chief Accountant in 2010, Mr. Croteau has managed the activities of the Office of Chief Accountant’s Professional Practice group. In this position, Mr. Croteau has played a key role in the Commission’s work related to overseeing the activities of the Public Company Accounting Oversight Board (PCAOB), managing the resolution of auditor independence matters, monitoring and addressing matters related to requirements for internal control over financial reporting (ICFR), and monitoring audit and independence standard-setting internationally.
“It has been a pleasure and honor to work with Brian for nearly two years in the Office of the Chief Accountant,” said Chief Accountant James V. Schnurr. “The Commission has benefitted greatly from Brian’s knowledge of auditing, auditor independence, internal control, audit inspections, and audit standard-setting.”
“It has been a privilege to work with the many talented and dedicated individuals at both the Commission and the PCAOB during my leadership of OCA’s Professional Practice Group,” said Brian Croteau. “We have worked closely to advance numerous audit quality and internal control over financial reporting initiatives, and I am pleased with what we have accomplished to support and enhance the usefulness and reliability of financial reporting to investors.”
Mr. Croteau has worked collaboratively with the SEC’s Division of Corporation Finance and the PCAOB to promote ongoing, coordinated, and increasingly integrated efforts on oversight of management and auditor assessments of the effectiveness of ICFR and has advised the Division of Enforcement with respect to ICFR matters. He also was integral to staff efforts to develop and recommend a concept release in which the Commission sought public comment on potential ways to improve current audit committee disclosure requirements. He worked with the Division of Trading and Markets to support the development of a proposal and final rules requiring new compliance and exemption reporting requirements by brokers and dealers. In addition, Mr. Croteau provided advice and assistance on internal control, audit, and auditor independence matters to support the Commission’s advancement of numerous rulemaking projects under the Dodd-Frank and JOBS Acts.
Mr. Croteau also worked closely with the PCAOB to advance and develop recommendations to the Commission on numerous PCAOB standard setting and rulemaking projects, including a suite of eight new auditing standards for assessing and responding to risk in an audit, auditing related party transactions, auditor communications with audit committees, and auditor transparency. He assisted the PCAOB with projects related to the auditor’s reporting model, audit quality indicators, auditor supervision, the reorganization of PCAOB auditing standards, and new auditing and attestation standards for broker-dealer engagements. He worked closely with PCAOB staff to promote the evolution of root cause analysis by auditors and the PCAOB to obtain a deeper understanding of the underlying causes of recurring audit deficiencies. In addition, he worked closely with the PCAOB on their efforts to improve the content of inspection reports to improve their usefulness to audit committees and other users.
Prior to his appointment as Deputy Chief Accountant, Mr. Croteau served as an Assurance Partner in the Auditing Service Group of PricewaterhouseCoopers LLP’s national offices where he was responsible for providing consultation and support regarding the implementation, application, and development of auditing policies and standards.