Republicans plan to scrap US audit regulator

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Republican lawmakers are planning to close the American audit organizer, which was established in the wake of the Enron scandal more than two decades ago, as part of a repair package designed to connect the Donald Trump agenda.

The proposal for the abolition of the Supervision Council was published on the accounting of the independent public company late on Friday by the leadership of the House of Representatives for Financial Services, for its inclusion in the giant tax and spending bill seen by Congress.

Under the draft legislation, the tax on the list in the list and brokers that finance PCAB will be canceled and the organization’s responsibilities will be folded in the Securities and Stock Exchange Committee.

PCAOB was created to oversee audit standards and make regular inspections for companies that review American public companies after the ENRON collapsed in 2001 exposed palaces in the previous self -regulatory system.

Accounting companies have withstood the leadership of sand activists Erika Williams, under which the agency imposed difficult new standards and standard fines extracted in enforcement procedures.

It is possible that any effort to eliminate the agency will meet resistance from Democrats and may not receive full support for auditing companies.

The Auditing Quality Center, which represents the largest companies, called for the agency to be more responsive to the accounting companies, but it did not stop the call to get rid of them.

While PCAOB employees can be given the opportunity to convert their roles to SEC, in many cases they must take wage cuts because the organization is not subject to government wages.

Critics have argued that such a move would significantly disrupt the audit companies.

But Christina is, a member of the PCAob board of directors, opposed several signing initiatives for Williams, that SEC salaries can be higher than those in many government agencies. She said, “SEC has not had difficulty attracting talents.”

The draft legislation of the committee also cancels any money that is not allocated under a green amendment program worth $ 1 billion for housing, which was placed under the law to reduce inflation, Joe Biden’s climate legislation, and enters the budget of the financial consumer protection office.

He faces procedural obstacles, however. The Financial Services Committee will consider the full parliament in legislation in the coming days, but whether it will be included in the draft tax and spending law, known as the reconciliation bill, depends on negotiations within the Republican leadership in the House of Representatives and the Senate and whether it is considered a budget.

Sandy Peters, head of the global invitation at the CFA Institute, a professional body for investors, said the creation of PCAob has led to significant improvements in the quality of scrutiny.

She said, “You need the largest and most efficient capital market to a strong, independent, independent and accounting audit regulator,” she said. “If the formation of capital is a priority for management, this disrupts it.”