US Audit Board Urged to Reform as Congress Weighs Its Future

The US audit regulator will confront calls for change from both supporters and detractors even if it survives an effort in Congress to reassign its duties to the SEC.

Debate over the future of the Public Company Accounting Oversight Board has sparked calls for reforms short of dismantling the Enron-era regulator, including redirecting the board’s inspections toward lingering problems that could undermine audit quality and providing more transparency into its standard setting.

“We’re looking for long-term change to the way things are operating at the PCAOB,” said Allison Henry, vice president for professional and technical standards with the Pennsylvania Institute ...