SEC Urged to Maintain Audit Board Inspections, Standard Setting

As Congress weighs the future of auditor oversight, SEC staff are being pressed to take up standard setting and inspections—two key functions currently handled by the US audit regulator.

The important role that audit standard setting and inspections play in corporate financial reporting has been a common theme Securities and Exchange Commission staff are hearing in reaction to pending congressional budget measures that would shut down the US audit board and shift its responsibilities to the commission, said Ryan Wolfe, acting chief accountant to the SEC.

“These are incredibly important objectives that will continue regardless,” Wolfe said in remarks ...