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Members warn that abolishing PCAOB or shifting inspections to SEC could undermine audits and U.S. investor protection
Summary
Members and witnesses at a House Financial Services subcommittee hearing debated recent budget proposals that would defund or transfer the PCAOB to the SEC, warning such moves could disrupt inspections—particularly of auditors in foreign jurisdictions—and weaken investor protections.
Members and witnesses at a House Financial Services subcommittee hearing sharply debated proposals in recent budget legislation that would eliminate or transfer the Public Company Accounting Oversight Board (PCAOB) to the Securities and Exchange Commission and warned of risks if PCAOB functions were dismantled or defunded.
"We should not defund the police in the streets, and we should not defund the police in the suites," Ranking Member Brad Sherman said during opening remarks, arguing that the PCAOB and other regulators are essential. Rep. Maxine Waters, ranking member of the full committee, told the chair that "the PCAOB is the crown jewel of the public company accounting oversight Board" and warned that…
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