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U.S. audit regulators, created in the wake of the Enron scandal, have been given a reprieve after the senator ruled that Republican plans to shut down agencies as part of a massive tax and spending bill.
Republicans plan to scrap the public company’s Accounting Oversight Board and hand over its authority, which they handed over to the Securities and Exchange Commission to the inspection and auditing company.
However, the senator advises Senate rules, but said the plan does not comply with requirements that allow only measures that affect the U.S. budget to be included in tax and expenditure bills.
Congress also made a series of measures that reduced wages for Federal Reserve staff, repayed the Consumer Financial Protection Agency, and reduced spending on the Department of the Treasury Department of Financial Research.
PCAOB is responsible for inspecting US and overseas accounting firms, and was responsible for the listing of auditing companies on US exchanges, claiming that the SEC had no budget or expertise to take over these functions.
Under current chairman Erica Williams, the agency has imposed record fines on auditing companies, but has faced criticism from some of the profession for unfairly focusing on small numbers of violations. They are also accused of not taking into account the auditing company’s views when setting strict new standards.
Williams welcomed the Senator’s ruling in a statement Friday. “This is good news for millions of Americans whose retirement savings and investments are at risk by eliminating PCAOB,” she said.
