SEC Top Accountant Talks Banking Crisis, Audit Worries

The SEC’s Paul Munter set a blistering pace for accounting guidance during his two years as acting chief accountant—issuing blockbuster guidance on digital assets, SPACs, and more. Now the job of chief accountant is his, as of January, and he joined Bloomberg Tax reporter Amanda Iacone to discuss his goal to ensure investors get reliable and actionable financial reports from corporate America. He expects, for example, companies to disclose risks that could threaten their ability to operate and auditors to fully vet threats facing their clients, like rapidly rising interest rates. Munter also weighed in on the question of whether bank accounting for long-term investments should change, the potential break-up of Ernst & Young, and his concerns about private equity investing in accounting firms. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.