House Budget Bill Defunds Audit Board, Transfers Role to SEC (2)

House Republicans have proposed eliminating the US audit regulator, ceding its duties to the SEC and its millions in funding to the Treasury.

The move threatens to derail independent oversight of auditors charged with vetting the revenues of public companies worth trillions.

Lawmakers called to strip the Public Company Accounting Oversight Board of its watchdog role in a budget reconciliation bill, H. Con. Res. 14, released late Friday. The House Financial Services Committee is searching for $1 billion in spending cuts or revenue raisers for agencies that include the Securities and Exchange Commission, which approves the audit board’s budget ...