White House proposes to consolidate PCAOB into SEC
FINANCIAL REPORTING INSIGHTS |
The Fiscal Year 2021 Budget of the United States Government proposes to consolidate the functions and responsibilities of the Public Company Accounting Oversight Board (PCAOB) into the SEC beginning in 2022. The justification stated for this proposal is that consolidating the PCAOB within the SEC will reduce regulatory ambiguity and duplicative statutory authorities. The SEC already is charged with investigating federal securities law violations and has the authority to impose disciplinary action, including for public accounting firms that also are overseen by the PCAOB.