Grossman School of Business students, staff, faculty, and guests welcomed Paul Munter, Acting Chief Accountant of the Office of the Chief Accountant (OCA) at the U.S. Securities and Exchange Commission (SEC), to Ifshin Hall Thursday, as our 2022 MAcc Director's Speaker Series special guest.
Dr. Munter talked to the mission of the SEC and role of OCA to uphold their mission of:
- Protecting investors
- Maintaining fair, orderly, and efficient markets
- Facilitating capital formation
His engaging talk touched on many aspects of the financial markets and what is important to their efficient operation, including the need for “clean” accounting, financial data, and reporting that instills trust in investors. In addition, he noted how technology is increasingly enabling both the delivery and consumption of that information.
Current SEC proposals address sustainability reporting and how the effects of climate change are being accounted for. Other hot topics he covered were cryptocurrencies and how social media is being used to move markets.
He stressed that ultimately accounting is a communications activity, not a compliance activity. The profession is not just about black and white numbers, but involves a considerable amount of judgement, and accountants should not be afraid of providing that judgement. Munter noted “that is where the greatest value is created, interpreting the rules.”
MAcc program director, Suzanne Lowensohn, stated, “It was thrilling to have someone of Paul Munter’s stature meet with our students. It is one thing to discuss a Wall Street Journal article in class and another to have the acting chief accountant of the SEC stand before you to explain a recently-issued proposal that will likely impact your future career.”
Prior to joining the SEC staff, Dr. Munter served as professor of accounting at the University of Miami and a national office partner of audit quality and professional practice for KPMG. He earned his PhD in accounting from the University of Colorado, Boulder and his B.S. and M.S. in accounting from Fresno State University. He is a CPA in Colorado, New York, and Florida.