Saturday, 11 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > Republicans plan to scrap US audit regulator
Economy

Republicans plan to scrap US audit regulator

Last updated: April 26, 2025 11:10 am
Share
Republicans plan to scrap US audit regulator
SHARE

Stay informed with free updates

Republican lawmakers are considering shutting down the US audit regulator, the Public Company Accounting Oversight Board (PCAOB), which was established in response to the Enron scandal over two decades ago. This move is part of a larger reform package aimed at advancing Donald Trump’s deregulatory agenda.

The proposal to eliminate the independent PCAOB was revealed by the House Committee on Financial Services as part of a comprehensive tax and spending bill currently under review by Congress. The plan involves discontinuing the levy on listed companies and broker-dealers that funds the PCAOB and transferring its responsibilities to the Securities and Exchange Commission (SEC).

The PCAOB was created to supervise audit standards and conduct regular inspections of firms auditing US public companies following the Enron collapse in 2001, which highlighted deficiencies in the previous self-regulatory system. Under the leadership of chair Erica Williams, the agency has enforced stringent new standards and imposed record fines in enforcement actions, much to the dismay of accounting firms.

While efforts to abolish the PCAOB are expected to face opposition from Democrats and potentially from audit firms, the Center for Audit Quality, representing major firms, has advocated for the agency to be more responsive without explicitly calling for its elimination. If the agency is dissolved, PCAOB employees may have the opportunity to transfer to the SEC, albeit with potential pay cuts due to differences in government pay scales.

Critics argue that dismantling the PCAOB could significantly disrupt the audit-firm inspection process. However, PCAOB board member Christina Ho, who has opposed some of Williams’s initiatives, noted that SEC salaries may be more competitive, aiding in talent recruitment and retention.

See also  The U.S. has a plan for getting food into Gaza. Top aid groups object to the idea : NPR

In addition to targeting the PCAOB, the draft legislation also reevaluates a green retrofitting program under Joe Biden’s climate legislation and reduces the budget of the Consumer Financial Protection Bureau. The fate of this proposal hinges on negotiations within the Republican leadership and whether it is deemed a budgetary measure for inclusion in the tax and spending bill.

Sandy Peters, head of global advocacy at the CFA Institute, emphasized the importance of an independent audit regulator for maintaining high audit quality in capital markets. She cautioned that dismantling the PCAOB could disrupt capital formation, highlighting the need for a strong and independent regulatory body in the financial sector.

TAGGED:auditplanRegulatorRepublicansscrap
Share This Article
Twitter Email Copy Link Print
Previous Article Luar Opens Its First Pop-Up Shop—“I Want to Share This World With Everyone” Luar Opens Its First Pop-Up Shop—“I Want to Share This World With Everyone”
Next Article Woman carjacked in Old Town, car is found on fire almost a mile away Woman carjacked in Old Town, car is found on fire almost a mile away
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Who are the Washington Generals? The Harlem Globetrotters’ archrival, and much more

The Washington Generals: A Story of Resilience, Entertainment, and Goodwill The Washington Generals have long…

February 15, 2025

WATCH: Wrexham star Paul Mullin scores golazo volley on Boxing Day vs. Blackpool

Wrexham faced Blackpool in a match shrouded in thick fog at Racecourse Ground on Boxing…

December 26, 2024

Huawei Mate XT Ultimate Foldable Announced for Global Launch

The highly anticipated Huawei Mate XT Ultimate has finally been announced for a global launch,…

February 18, 2025

Honkai Star Rail Saber kit, stats, eidolons, and traces leaked

Honkai Star Rail fans are eagerly anticipating the release of Saber in the upcoming version…

June 4, 2025

Charges filed in construction crew robbery, but suspect says he was ‘getting drunk and high in California’ at the time

Chicago Police Arrest 18-Year-Old in Connection with South Side Robberies Dontrell Davis, inset, and an…

May 27, 2025

You Might Also Like

Why McDonald’s Corporation (MCD) Deserves a Spot Among the Top Food Dividend Stocks to Buy Now
Economy

Why McDonald’s Corporation (MCD) Deserves a Spot Among the Top Food Dividend Stocks to Buy Now

October 11, 2025
Analysts See Long-Term Upside for Hormel Foods Corporation (HRL) Among Leading Food Dividend Stocks
Economy

Analysts See Long-Term Upside for Hormel Foods Corporation (HRL) Among Leading Food Dividend Stocks

October 11, 2025
Why Income Investors Continue to Favor The Kraft Heinz Company (KHC) as a Food Dividend Stock
Economy

Why Income Investors Continue to Favor The Kraft Heinz Company (KHC) as a Food Dividend Stock

October 11, 2025
The J. M. Smucker Company’s (SJM) Dividend Consistency Reinforces its Standing Among Food Dividend Stocks
Economy

The J. M. Smucker Company’s (SJM) Dividend Consistency Reinforces its Standing Among Food Dividend Stocks

October 11, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?