2025-01 Final Time to Sunset the PCAOB and Save $400 Million Dollars a Year

Introduction

Two decades ago, the Public Company Accounting Oversight Board (PCAOB) was conceived and established to address various high-priority concerns.[1] It was designed to “fit” the economic and governmental structures that existed at that time. It came into existence in the aftermath of the 2001–2002 scandals, dominated by the Enron and WorldCom sagas. Congress created this public regulatory body against the “strong armed lobbying efforts of the auditing profession.”[2]  The PCAOB became the watchdog, within the Securities and Exchange Commission (SEC), over the auditing profession.

Introduction Two decades ago, the Public Company Accounting Oversight Board (PCAOB) was conceived and established to address various high-priority concerns.[1] It was designed to “fit” the economic and governmental structures that existed at that time. It came into existence in the aftermath of the 2001–2002 scandals, dominated by the Enron and WorldCom sagas. Congress created…