PwC Seeks Strong Audit Regulator as Congress Debates Oversight

Auditors benefit from a strong regulator, audit and consulting giant PwC LLP has told lawmakers as Congress is poised to overhaul industry oversight.

That oversight should include “strong” standards, inspections, and enforcement, Roslyn Brooks, US public policy leader for the Big Four accounting firm, said in remarks Thursday to a financial reporting conference at the University of Southern California. Brooks is monitoring the fate of a congressional effort to eliminate the current regulator, the Public Company Accounting Oversight Board, and fold its duties into the SEC.

“Sarbanes-Oxley and PCAOB has been good for effective oversight of auditors,” Brooks ...