The Securities and Exchange Commission today announced that Wesley R. Bricker, Chief Accountant, plans to leave the agency after more than six years of distinguished service.
Mr. Bricker was named as the SEC's Chief Accountant in 2016, after serving as the deputy chief accountant. Earlier, he served as a professional accounting fellow.
As Chief Accountant, Mr. Bricker is the principal advisor to the Commission on accounting and auditing matters, and leads the Commission's Office of the Chief Accountant, a group of professionals widely regarded for advancing the quality of accountancy and financial reporting oversight in the capital markets in the U.S. and internationally.
He is responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB). Recognizing that today's capital markets are global, Mr. Bricker also works with the International Financial Reporting Standards Foundation Monitoring Board and is the first SEC Chief Accountant to also serve as Chair of the Monitoring Group, a group of international financial institutions and regulatory bodies committed to advancing the public interest in international audit standard setting and audit quality.
"Wes is both the consummate professional and model public servant," said Chairman Jay Clayton. "From the first day I met Wes, I was impressed by the depth of his knowledge and his commitment to high quality standards for the benefit of our markets and our investors. Wes has moved the Commission forward in many ways, and I cannot thank him enough for his service."
"It has been a profound honor to contribute in public service to this wonderful agency and its people," said Mr. Bricker. "I owe Chairman Clayton and former Chair White my deep gratitude for giving me this opportunity and their support. I am also grateful to my phenomenal colleagues in the Office of the Chief Accountant, whose expertise and professionalism have benefitted me and the Commission in all areas of our work. I am impressed with the breadth and magnitude of results the Office has accomplished."
During his tenure, Mr. Bricker worked diligently to advance accounting and auditing policy and improve the professional performance of auditors domestically and internationally through policy-making, interpretative, consultative, and outreach activities. Among other accomplishments, he:
- Emphasized the vital role of audit committees of listed public companies in financial reporting and external auditor oversight.
- Emphasized the vital role of independent directors or independent advisory council members with meaningful governance responsibilities for the largest and most complex U.S. audit firms to foster audit quality and bolster public confidence.
- Worked with the FASB in overseeing the timely identification and resolution of implementation issues related to new accounting standards such as revenue recognition, leasing, current expected credit losses, investments in equity securities, and improvements to hedging activities.
- Developed recommendations regarding auditor independence and a framework for reporting and disclosing the income tax accounting implications of the U.S. Tax Cuts and Jobs Act.
- Worked to strengthen the PCAOB in its mission and operations, including recommending approval for the most substantial changes in the auditor's report in over seven decades, among numerous other initiatives to enhance the quality of audit services for public companies and broker dealers.
- Worked across the SEC's divisions and other offices on ongoing activities and Commission rulemaking and interpretative priorities, such as filer definitions, financial disclosures, cybersecurity, and non-GAAP.
- Provided assistance to the Division of Enforcement on cases such as those involving internal accounting controls, financial disclosure, and improper professional practice cases.
- Delivered a blueprint of the U.S. financial reporting structure to aid in strengthening the system, along with more than twenty speeches, each addressing aspects of the varied roles, responsibilities, and topics arising in every phase of financial reporting, as well as the relationship of accounting to business and the economy.
- Delivered organizational, managerial, and technological initiatives to support a more integrated and coordinated approach in the office to increasing the identification and awareness of emerging issues in financial reporting to inform policy making and provide opportunities for the development of new, current, and emerging leaders.
Mr. Bricker received a B.S. in accounting from Elizabethtown College and a J.D. from American University. He is licensed as a certified public accountant and is a member of the New York State Bar Association.