A House subcommittee held hearings Wednesday in which they questioned the Public Company Accounting Oversight Board’s recent proposal for mandatory audit firm rotation, along with the PCAOB’s push to make disciplinary proceedings against auditors public.
“I think it is important to remind the PCAOB that it is not a policy-making entity; Congress and this committee are the policy makers,” said Rep. Scott Garrett, R-N.J., who chairs the House Capital Markets and Government Sponsored Enterprises Subcommittee. “The PCAOB’s job is to regulate and oversee the auditing profession. I am very concerned about some of the recent activist proposals put forth by the PCAOB. I agree with the Chamber of Commerce and others that believe the PCAOB is ‘engaged in mission-creep, crossing the threshold of audit regulation in an attempt to regulate corporate governance…'”
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