Warren Asks Gensler to Remove Accounting Oversight Board Members
(Bloomberg) -- Senators Elizabeth Warren and Bernie Sanders say the Securities and Exchange Commission should remove the sitting members of the Public Company Accounting Oversight Board and replace them with new ones to ensure the integrity of the auditing process of public companies’ financial reports.
Trump administration appointments “have compromised the PCAOB’s independence, weakened its expertise, and reinforced perceptions of its capture by industry,” Warren, a Massachusetts Democrat, and Sanders, a Vermont Independent, said Tuesday in a letter to SEC Chair Gary Gensler.
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Sanders and Warren said that former SEC Chair Jay Clayton appointed “partisan cronies with a deregulatory agenda and little relevant experience,” to the board, which was created by the 2002 Sarbanes-Oxley Act.
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