The U.S. Securities and Exchange Commission’s Chief Accountant, Kurt Hohl, published a staff statement summarizing remarks at the 2025 AICPA Conference that set out five priorities for the Office of the Chief Accountant (OCA): responsiveness to emerging issues, oversight of the Financial Accounting Standards Board (FASB), oversight of the Public Company Accounting Oversight Board (PCAOB), monitoring international standard setting and governance, and strengthening OCA’s capabilities. The statement is not a Commission rule and has no legal force or effect. On emerging issues, OCA highlighted artificial intelligence and crypto assets, including early work to assess whether auditor independence requirements should be updated as AI becomes more embedded in reporting and audit processes, and noted close monitoring of private equity and venture capital investment in audit firms with OCA available for independence consultations on related transactions. For FASB oversight, OCA emphasized timely standard-setting, stronger cost-benefit analysis, early stakeholder engagement, and deeper FASB engagement with the International Accounting Standards Board (IASB) to reduce unnecessary differences between U.S. GAAP and IFRS. For PCAOB oversight, OCA indicated it will encourage the new PCAOB Board to reassess inspections and reporting, including whether a greater focus on firms’ systems of quality management could provide more meaningful information, and suggested more transparent standard-setting through an agenda consultation process and greater alignment with International Auditing and Assurance Standards Board (IAASB) standards. Internationally, OCA cited funding and governance challenges at the IFRS Foundation and the IAASB’s oversight structure, noting the importance of stable, independent funding given the estimated USD 14 trillion market capitalization of foreign private issuers listed in U.S. markets, around 75 percent of which use IFRS. On capabilities, OCA cited appointments of Deputy Chief Accountants Sheri York and Michal Dusza, a revitalized Professional Accounting Fellow program, and plans for nine new professionals to join OCA in the coming months.
U.S. Securities & Exchange Commission 2025-12-19
U.S. Securities and Exchange Commission Chief Accountant sets five Office of the Chief Accountant priorities and flags possible auditor independence updates for AI
At the 2025 AICPA Conference, SEC Chief Accountant Kurt Hohl outlined five priorities for the Office of the Chief Accountant: AI and crypto issues, FASB and PCAOB oversight, international standards, and strengthening OCA capabilities. Initiatives include assessing auditor independence with AI, enhancing FASB and PCAOB processes, addressing international governance, and expanding OCA staff. The statement is advisory, not legally binding.