The Accounting Group provides expert advice related to accounting and financial reporting matters. The Accounting Group leads the SEC’s efforts to oversee accounting standard-setting by the Financial Accounting Standards Board (FASB) and to monitor international accounting standard-setting by the International Accounting Standards Board (IASB). In addition, the Accounting Group participates in the Commission’s rulemaking efforts and, in conjunction with the Division of Corporation Finance, issues Staff Accounting Bulletins (SABs) that inform the public of the staff’s views on important accounting issues. Key objectives of the Accounting Group include:
- Advising on significant ongoing changes in the accounting and disclosures standards issued by
the FASB and IASB; and
- Consulting with registrants and auditors, as well as the Divisions of Corporation Finance,
Enforcement and Investment Management regarding the application of accounting standards and
financial disclosure requirements.
The Professional Practice Group (PPG) provides expert advice related to auditing, independence, and internal controls. PPG also assists the Commission in its oversight of the Public Company Accounting Oversight Board (PCAOB). PPG primarily provides this advice through rulemaking support, oversight of PCAOB standard-setting, and consultations. PPG also manages the resolution of auditor and preparer independence and ethical matters that have been brought to the attention of the Commission.
The International Group provides advice to the Chief Accountant on international auditing and accounting issues and works with the Accounting and Professional Practice groups to provide both governance and technical input to international accounting, auditing, and regulatory organizations that share similar financial reporting objectives as the Commission.
The Office of Chief Counsel and Enforcement Liaison (OCCEL) provides legal guidance to the Chief Accountant and the other OCA groups in support of the Commission’s mission. In addition, OCCEL is responsible for supporting the Division of Enforcement in all aspects of its program related to financial reporting, including recommending disciplinary actions against accountants and accounting firms brought under Rule 102(e) of the Commission’s Rules of Practice.