Trusted Financial Reports at Stake in Plan to Ax Audit Board (1)

The US audit regulator on Monday said a House Republican plan to dismantle the agency and hand over its duties to the SEC would weaken a critical backstop that protects investors.

“The unique experience and expertise built up by the PCAOB over decades cannot simply be cut and pasted without significant risk to investors at a time when markets are already volatile,” Erica Williams, chair of the Public Company Accounting Oversight Board, said in a statement.

The House Financial Services Committee plans to consider a bill on Wednesday that would add auditor oversight to the to-do list of the Securities ...