Critics worry resources for the oversight of public company auditors could be reduced under a White House proposal for the SEC to absorb an independent audit watchdog
President Trump’s proposed $4.8 trillion budget, released Monday, includes a provision to consolidate the responsibilities of the Public Company Accounting Oversight Board under the SEC starting in 2022, essentially making the PCAOB a department of the SEC.
Moving the PCAOB under the SEC would reduce ambiguous or duplicative regulations, the White House said. The SEC has made efforts in recent months to propose changes to existing regulation on corporate disclosures, auditor independence and other topics, in part to reduce redundancies. The SEC and PCAOB share regulatory enforcement authority over auditors, but they coordinate enforcement to avoid duplicating efforts. Moving the PCAOB’s functions under the purview of the SEC would likely nullify the PCAOB’s five-member board, former PCAOB officials say.
A White House official said that the 2025 forecasts are estimates and that the Office of Management and Budget will continue to work with the SEC to determine appropriate funding levels. Overall spending would likely fall after consolidating the two regulators due to operational efficiencies, such as the elimination of duplicative information-technology systems and administrative functions.Lawmakers have taken an increased interest in the role of the PCAOB.
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