Transferring Public Company Accounting Oversight Board functions directly to the SEC.
This bill restructures the oversight of public company audits by transferring the independent Public Company Accounting Oversight Board (PCAOB) directly into the Securities and Exchange Commission (SEC). The change, effective in two years, aims to streamline regulatory processes and centralize authority over auditing firms, ultimately protecting investors' interests and market integrity. The new entity will be called the Office of Public Accounting Oversight.
Key points
The independent PCAOB is abolished and its functions are moved to a new Office within the SEC's Chief Accountant structure.
The SEC will gain direct control over the budget, inspections, and disciplinary procedures for registered public accounting firms.
This administrative change is designed to enhance investor protection by improving the accuracy and independence of audit reports.
Status:
Expired
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