GOP Proposes Shifting U.S. Audit Oversight From PCAOB to SEC Amid Mike Plotnick’s Concerns Over Inspection Duties

A debate is underway regarding a GOP-backed proposal to dissolve the Public Company Accounting Oversight Board (PCAOB) and transfer its audit oversight responsibilities to the Securities and Exchange Commission (SEC). Supporters of the plan argue that the SEC's existing regulatory capabilities would enhance audit oversight. However, defenders of the PCAOB caution that folding the audit regulator into the SEC could weaken oversight. Mike Plotnick, former chief trial counsel of the PCAOB, expressed concerns about the SEC's ability to effectively assume the board’s inspection duties if the measure passes.