Republicans plan to scrap US audit regulator

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Financial Times 16h ago

Republicans plan to scrap US audit regulator - Financial Times

Quick Summary:

While employees of the PCAOB would be given the chance to transfer their roles to the SEC, they would have to take pay cuts to do so.

Under the draft legislation, a levy on listed companies and broker-dealers that funds the PCAOB would be scrapped and the organisation’s responsibilities would be folded into the Securities and Exchange Commission.

Any effort to scrap the agency will probably be met with resistance from Democrats and may not receive the full endorsement of audit firms, either.