SEC deputy chief accountant Julie Erhardt steps down

Julie Erhardt, deputy chief accountant for technology and innovation at the Securities and Exchange Commission's Office of the Chief Accountant, plans to leave the SEC this month after more than 14 years at the commission.

SEC building with official seal
The Securities and Exchange Commission stands in Washington, D.C., U.S., on Monday, May 10, 2010. The chief executive officers of the biggest U.S. stock markets were called to a meeting at the U.S.Securities and Exchange to discuss last week’s selloff in equities, according to four people familiar with the situation. Photographer: Joshua Roberts/Bloomberg

Erhardt has recently focused on innovations in financial reporting and previously on international accounting and auditing matters at the office. Erhardt also served as the SEC’s acting chief risk officer, where she coordinated the SEC’s efforts to address key risks across the commission’s divisions and offices.

“Julie’s expertise and commitment to our mission were made particularly evident to me when she agreed to serve as the Commission’s first acting chief risk officer, setting a course for our efforts to identify, monitor, and mitigate risks,” said SEC chairman Jay Clayton in a statement Tuesday. “The SEC has been benefited by her work in each of the roles she has taken on during her 14 years of service. On behalf of the entire agency, I thank her for her years of dedication to investors and our markets.”

The SEC recently named Sagar Teotia as chief accountant, succeeding Wesley Bricker, who stepped down in May (see SEC promotes Sagar Teotia to chief accountant). “Julie has been a dedicated public servant whose expertise on global accounting and auditing matters, together with her intelligent and collaborative style, have left an indelible mark on the SEC, OCA and the entire financial reporting structure,” said Teotia. “Her contributions have been instrumental in improving financial reporting both domestically and internationally on accounting and auditing issues for the benefit of investors.”

While at the SEC, Erhardt has stressed the importance of high-quality international accounting standards, including the use of International Financial Reporting Standards in SEC filings from foreign private issuers; and advanced regulatory cooperation and high-quality practices on international accounting, auditing, and disclosure matters by serving as chair of the International Organization of Securities Commissions’ (IOSCO) committee of national securities regulators that focuses on such issues. Erhardt has received the SEC’s International Award, in recognition of her work to advance international regulatory cooperation and promote the sharing of best practices among market regulators.

“There are no limits to the benefits to the common good that can be achieved by working in roles that are of service to others,” Erhardt stated. “I am grateful to the SEC for such an opportunity to serve our investors in the public capital markets, both in the U.S. and overseas.”

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