The U.S. Securities and Exchange Commission said on Thursday that it has tapped Sagar S. Teotia, who is a certified public accountant, to join the agency as its Deputy Chief Accountant at the Office of the Chief Accountant.
In his new position, Mr. Teotia will oversee the agency’s work with respect to audit standards, financial disclosure requirements and auditing independence. He will also assist the commission with discharging its oversight of the financial accounting standards board and the public company accounting oversight board.
SEC’s Office of the Chief Accountant responsibilities include monitoring and enforcing accounting policies, as well as overseeing company filings and serving as an arbiter in complex financial matters.
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The regulatory legislation requires companies to provide detailed financial disclosures and use independent auditors, in addition to other stipulations. If companies do not perform the required due diligence, they could face severe fines by the SEC.
Sagar has over 18 years of experience in mergers and acquisitions, standard-setting and regulation. He previously worked at the SEC as a professional accounting fellow from 2009 to 2011. Before joining the agency, he served as partner with Deloitte & Touche LLP’s National Office Accounting Consultation Group in Chicago.
Following Donald Trump’s victory in November, several high-level officials have vacated their positions at the nation’s top financial watchdogs, including the CFTC, leaving the agencies scrambling to plug the holes.
Announcing the appointment, SEC Chief Accountant Wesley Bricker said: “I am very pleased that Sagar has agreed to return to the Office of the Chief Accountant to oversee the accounting group. Sagar’s prior experience as an SEC accounting fellow as well as his expertise and wealth of experience in public accounting will provide critical service to investors, companies and the Commission.”