SEC Nominee Says Fate of US Audit Board Rests With Congress (2)

President Donald Trump’s nominee to lead the SEC said it’s up to Congress whether to abolish the board established to oversee US auditors in the wake of the Enron and WorldCom accounting scandals.

“It’s not in my power—it’s up to you all,” Paul Atkins told lawmakers Thursday during his Senate confirmation hearing to lead the Securities and Exchange Commission.

Atkins added that it’s important the Public Company Accounting Oversight Board’s function is maintained, whether or not lawmakers leave the board itself intact. He also said the PCAOB’s role in overseeing the work of auditors for China-based companies under the Holding ...