In remarks at the AICPA Conference on Current SEC & PCAOB Developments, SEC chair Paul Atkins signaled auditors and preparers that the commission is looking for a reset around core principles and closer global coordination on standards. 

“Our theme right now with respect to the profession is to get back to basics,” Atkins said according to Journal of Accountancy, underlining integrity, objectivity and professional skepticism as the foundation of investor protection.

Atkins criticized recent disclosure initiatives he believes “would have completely subverted the importance of financial materiality and financial accounting,” and implored firms not to be pulled off course by “shiny baubles” or politicized pressure. 

That back-to-basics stance extends to oversight and standard setting, reports Accounting Today. Atkins called on the PCAOB to focus on independent and clear, practical standards while the SEC chief accountant Kurt Hohl called for renewed convergence between the FASB and the IASB and closer alignment between PCAOB and IAASB auditing standards in order to reduce cost and confusion for multinational filers. 

Meanwhile, the SEC officials also raised concerns about governance and funding at the IFRS Foundation and international audit-standard bodies, cautioning that unresolved structural issues would undermine high-quality global standards and increase fragmentation over time.