From Yahoo Finance: 2025-05-05 07:23:00

Republican legislators are proposing to dissolve the PCAOB, shifting audit oversight duties to the SEC. The measure was approved by the House Financial Services Committee. This move is part of a larger federal budget bill awaiting a House vote. The PCAOB was established in response to corporate frauds and currently employs nearly 500 individuals.

Critics argue the PCAOB imposes unnecessary costs, while industry professionals warn of diminished audit oversight quality. If enacted, the integration with the SEC would result in changes to PCAOB salary structures and workforce rebuilding. Board member salaries would be reduced, and fees collected from public firms redirected to the US Treasury’s general fund.

PCAOB chair Erica Williams emphasized the importance of maintaining audit oversight due to the increased risk of fraud during economic downturns. Lawmakers received technical input about the proposal in a letter from the PCAOB. The shift to the SEC would be completed within a year, impacting nearly 500 employees and international agreements.



Read more at Yahoo Finance: Republican lawmakers back plan to dismantle PCAOB