X

Deputy Chief Accountant Marc Panucci to Leave SEC

Washington DC (STL.News) The Securities and Exchange Commission today announced that Marc Panucci, Deputy Chief Accountant, plans to leave the agency later this month.

Since he was appointed Deputy Chief Accountant in 2016, Mr. Panucci has managed and led the activities of the Office of the Chief Accountant’s (OCA) Professional Practice Group (PPG).

In this position, Mr. Panucci has played a key role in the Commission’s work related to overseeing the activities of the Public Company Accounting Oversight Board (PCAOB), managing rulemaking and the resolution of auditor independence matters, and monitoring and addressing matters related to the requirements for internal control over financial reporting (ICFR) and the audit of the financial statements.

“I have worked closely with Marc on various efforts to modernize and improve our oversight of the accounting and auditing ecosystem,” said SEC Chairman Jay Clayton.  “Marc’s deep knowledge of financial reporting systems and practices, as well as his technical expertise, have been invaluable and I applaud Marc for his unwavering commitment to investors and transparency.”

“It has been an honor and a privilege working with Marc over the past few years. Marc’s depth of experience and knowledge in several areas, including auditing, ICFR, rulemakings, and auditor independence matters has greatly benefited OCA.  Marc is the ultimate example of a dedicated public servant that has worked tirelessly on behalf of investors and we would like to sincerely thank Marc for his service,” said SEC Chief Accountant Sagar Teotia.

“It has been an absolute privilege and honor to serve the interests of investors with the talented and dedicated individuals of the SEC, including those within PPG and OCA, and the PCAOB,” said Mr. Panucci.  “We have worked together on a number of initiatives to enhance audit quality, auditor transparency, ICFR, and auditor independence with the overall objective to advance the quality of financial reporting for investors.  I am extremely proud and humbled by what we have accomplished.”

Prior to his appointment as Deputy Chief Accountant, Mr. Panucci served as an Assurance Partner in PricewaterhouseCoopers LLP’s national office where he was responsible for providing consultation and support regarding the implementation, application, and development of auditing policies and standards.