SEC’s chief accountant to retire this month

Gary Gensler isn’t the only big name departing the SEC when the second Trump administration begins. Chief Accountant Paul Munter has announced he’ll retire from the agency on January 24.

Munter, who joined the SEC in 2019 and became acting chief accountant in 2021 and chief accountant in 2023, oversaw the FASB and the PCAOB. His tenure was marked by the release of numerous new accounting standards, notably ones dealing with DISE, income tax disclosures, and crypto assets.

Munter gave 22 statements and speeches during his term, during which he stressed the need for auditors to remain independent and adhere to high ethical standards. At times, he criticized the auditing profession. He warned audit firms about the importance of setting a proper “tone at the top” and disciplining leaders found guilty of misconduct, for instance, and expressed concern about a rise in audit deficiencies the PCAOB identified.

“Serving as the Chief Accountant for four plus years,” Munter wrote in a post on LinkedIn, “has been the highlight and privilege of my professional career.”

And it doesn’t look like he’ll be leaving the profession altogether. “I believe I have more to contribute to the financial reporting and auditing ecosystem,” he wrote, “so I look forward to seeing what the next opportunities and steps will be on my career journey.”