Critics worry resources for the oversight of public company auditors could be reduced under a White House proposal for the SEC to absorb an independent audit watchdog
President Trump’s proposed $4.8 trillion budget, released Monday, includes a provision to consolidate the responsibilities of the Public Company Accounting Oversight Board under the SEC starting in 2022, essentially making the PCAOB a department of the SEC.
Moving the PCAOB under the SEC would reduce ambiguous or duplicative regulations, the White House said. The SEC has made efforts in recent months to propose changes to existing regulation on corporate disclosures, auditor independence and other topics, in part to reduce redundancies. The SEC and PCAOB share regulatory enforcement authority over auditors, but they coordinate enforcement to avoid duplicating efforts. Moving the PCAOB’s functions under the purview of the SEC would likely nullify the PCAOB’s five-member board, former PCAOB officials say.
A White House official said that the 2025 forecasts are estimates and that the Office of Management and Budget will continue to work with the SEC to determine appropriate funding levels. Overall spending would likely fall after consolidating the two regulators due to operational efficiencies, such as the elimination of duplicative information-technology systems and administrative functions.Lawmakers have taken an increased interest in the role of the PCAOB.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Democrats grill Trump's budget chief on White House spending planIn a frequently rancorous hearing, House Democrats took White House budget chief Russell Vought to task as he tried to defend the Trump administration’s proposed cuts in a variety of areas, from food stamps to the arts.
Read more »
Former White House chief of staff John Kelly levels harshest criticism yet at TrumpFormer White House Chief of Staff John Kelly spoke out against President Donald Trump on issues such as Ukraine, Lt. Colonel Alexander Vindman, immigration and the press.
Read more »
Alex Jones says White House insider told him Trump will pardon Roger Stone after sentencingConspiracy theorist Alex Jones told his radio audience Tuesday that a White House insider said President Donald Trump plans to pardon his former campaign adviser Roger Stone, currently awaiting sentencing on multiple felony charges related to Russian interference in the 2016 election.
Read more »
The White House will reportedly dismiss another official over role in impeachment investigationThe impeachment fallout continues.The New York Post reported Tuesday that Elaine McCusker, the acting Pentagon comptroller, will have her nomination for the permanent position rescinded by the White House. And, surprise, it has to do with Ukraine.In January, emails sent from McCusker questioning President
Read more »