This bill would eliminate the Public Company Accounting Oversight Board, an independent agency created after the 2002 Enron scandal, and transfer its functions to the Securities and Exchange Commission by converting it into an "Office of Public Accounting Oversight" within the SEC's Office of the Chief Accountant. The SEC's Chief Accountant would serve as the director of this new office and would retain the board's responsibilities for overseeing audits of publicly traded companies, inspecting accounting firms, and investigating misconduct. The bill removes several oversight mechanisms that currently provide the board some independence from the SEC, including certain board member appointment requirements and approval procedures. The transition would take place over a two-year period following the bill's enactment, during which the SEC would assume control of the board's budget, rule-making authority, and regulatory functions. The bill aims to streamline federal financial oversight by consolidating accounting regulation under one agency rather than maintaining a separate oversight board.
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