By Michael Foster, Big4.com Blogger
A former Chief Accountant for the Securities and Exchange Commission is going to join Deloitte as a a Deputy Managing Partner of the company’s Professional Practice. James L. Kroeker will join the Big4 firm on January 7th, 2013 after the hire is approved by Deloitte’s Board of Directors. Deloitte made the announcement Tuesday.
Deloitte CEO Joe Echevarria emphasized Kroeker’s regulator background as a particular strength to help Deloitte serve clients in the firm’s financial reporting advisory activities. “Jim has a unique perspective in accounting and auditing having deep technical knowledge, practical client service expertise, and experience as a regulator in his latest role as chief accountant at the SEC,” Echevarria said, adding “Jim’s contributions will be invaluable to the work we do serving audit committees, investors and the public interest.”
Kroeker was the SEC’s Chief Accountant until January 2009, and he was instrumental in Congress’s response to the subprime mortgage crisis and subsequent market panic in late 2008. Kroeker was the staff director of the SEC’s study of fair value accounting standards, and his work led to Congress enacting those standards in 2008. He also worked to tighten off-balance sheet accounting standards and has focused on harmonizing U.S. and international accounting practices.
“Deloitte has an outstanding legacy of leadership in the advancement of the auditing profession. Such leadership is as essential to investors today as it has been at any time in history, and today I see Deloitte playing a critical role in leading the profession to a new standard of audit quality,” said Kroeker.
Before working at the SEC, Kroeker had worked in Deloitte in the accounting services group.