Bloomberg Tax
Feb. 10, 2020, 11:33 PM

Trump Administration Would Shift Audit Watchdog Role to SEC

Amanda Iacone
Amanda Iacone

The U.S. audit regulator would turn over its duties to the Securities and Exchange Commission under the Trump administration’s budget proposal for fiscal 2021.

The White House would transfer the authority of the Public Company Accounting Oversight Board to the SEC by 2022 in order to eliminate duplication between the two regulators and “reduce regulatory ambiguity,” it said in the budget released Monday.

The administration estimates eliminating the board would save an estimated $580 million over nine years. Public companies and registered broker-dealers pay support fees that fund the board and its operations. In 2020, the board is working with ...

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