Academic journal article Journal of Accountancy

Walter Schuetze Retires from SEC Top Accountant Post

Academic journal article Journal of Accountancy

Walter Schuetze Retires from SEC Top Accountant Post

Article excerpt

Walter P. Schuetze, chief accountant of the Securities and Exchange Commission, has retired from the agency after more than three years of service. John M. Riley, who served as deputy chief accountant under Schuetze, has been appointed the SEC's acting chief accountant.

Schuetze made news in 1993 by publicly questioning the independence of auditors, saying it was "very troubling" that "CPAs may have become cheerleaders for their clients" on a number of accounting issues. The chief accountant's remarks prompted the appointment of a special advisory committee by the Public Oversight Board (POB) of the American Institute of CPAs SEC practice section that recommended ways to bolster independent audits. Subsequently, the POB released the report, Strengthening the Professionalism of the Independent Auditor.

"Walter took positions in speeches that some people thought were too critical of the profession," said Dennis R. Beresford, chairman of the Financial Accounting Standards Board. …

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