Rouse
he changing of the guard within the accounting and financial reporting divisions continues. In the last 12 months George Diacont left the Commission as the Chief Accountant in the Division of Enforcement, and Walter Schuetze returned as his replacement. A number of the Associate Chief Accountants with the Division of Corporation Finance left the Commission to take partnerships with international accounting firms. Jane Adams replaced Steve Swadd as the Deputy Chief Accountant in the Office of Chief Accountant.
Sutton Leaves
In December Mike Sutton announced his intention to leave the position of ChiefAccountant in the Office of the Chief Accountant. The latter position serves as senior advisor to the Commission and staff on accounting issues. Mike's last day was January 15 and a search is underway for his replacement.
Chairman Levitt, in noting Mike's departure, said: "Mike has served the Commission with distinction, insight and creativity. Though he will be missed, the fruits of his labor, especially his work on international accounting standards, derivatives accounting and disclosure and auditor independence, will be long lasting. Everyday investors may not know his name, but they may have felt Mike's presence; sound markets are the result of fair and rigorous accounting standards, which Mike has espoused and fought for throughout his career.
The Office of the Chief Accountant has been very involved with the newly created Independence Standards Board, a private sector standards setting agency that has been charged with the promulgation of independence standards for auditors of registrants. The issue of the appearance of independence in auditing engagements must be resolved Q 1998 John Wiley & Sons, Inc.