Republicans plan to scrap US audit regulator

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Republican lawmakers plan to close the US audit regulator, which was founded on Enron’s scandal for more than two decades as part of the Package of Reforms to Donald Trump.

The proposal to eliminate the accounting council of independent public company was published under the management of the final Friday’s Financial Services Committee to be included in the Giant Tax and Expenditure bill under the Congress.

Underhand Legislation projectThe collection of listed companies and brokerage dealers, which finances PCAOB, will turn into the organization’s responsibilities to the Securities and Exchange Committee.

PCOob has been created to monitor audit standards and regular enterprises that represent US public companies after Enron’s collapse in previous self-regulatory mode.

Accounting enterprises were taken against President Erika Williams, under which the agency used tough new standards and was minimized in performance.

Any effort to eliminate the agency will probably meet resistance to Democrats and cannot get the full positive conclusion of audit companies.

Audit Quality Center, which represents the largest firms, called on the agency to be more responsible For accounting to companies, but stopped to call on its elimination.

Although PCAOB staff will allow their roles to transfer their roles, they must pay payments in many cases, as the organization is not subject to government payments. Critics say such a step significantly hinders audit facility.

The proposal faces procedural barriers. It will be commissioned by a complete chamber of financial services in the next days. But will it be included in the tax and expenditure bill, which is known as a reconciliation bill, will depend on the talks within the framework of the Republican Leadership in the Senate and is it considered a budget?