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  • Statement On 2025 PCAOB Budget, SEC Commissioner Mark T. Uyeda

    Date 18/12/2024

    Thank you, Chair Gensler and Chair Williams, for your presentations.

    At today’s meeting on the PCAOB’s 2025 budget, you may hear references to how its budget is increasing “only” 3.9% from last year, compared to double-digit increases during the past two years. However, for this year-over-year comparison to be meaningful, the starting premise must be that the 2024 budget was reasonable and supportable. As I stated last December, it was not.

  • Statement In Support Of The PCAOB’s 2025 Budget, SEC Commissioner Caroline A. Crenshaw

    Date 18/12/2024

    I’m happy today to support the PCAOB’s budget.  The budget is reasonably calibrated to help the PCAOB effect its mission of protecting investors and furthering the public interest in its regulation of public company and broker dealer audit reports. 

  • Integrity And Transparency In Financial Reporting: The PCAOB’s FY 2025 Budget, SEC Commissioner Jaime Lizárraga

    Date 18/12/2024

    In 2002, Congress enacted the Sarbanes-Oxley Act in response to the accounting scandals of that time. The law targeted the glaring deficiencies of a self-policing system of financial reporting rife with conflicts of interest. The large-scale accounting frauds this system produced inflicted substantial harm to investors and to our capital markets.

  • Part I.A. Like It’s 1999: Statement At The Open Meeting To Consider The Public Company Accounting Oversight Board’s 2025 Final Budget And Accounting Support Fee, SEC Commissioner Hester M. Peirce

    Date 18/12/2024

    Thank you, Mr. Chair. Welcome, Chair Williams. The PCAOB has a vital, though deliberately limited, core mission: to “protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.”[1] The Commission has oversight authority over the Board, which includes reviewing the budget and annual accounting support fee. Commission oversight is important. Issuers and broker-dealers bear the direct costs of funding the Board, some of which get passed on to investors. If the PCAOB fails to use its budgeted resources wisely, investors, the economy, and the audit profession pay indirectly in the form of impaired functioning of the capital markets.

  • Resolve To Spot Scams In 2025 Says A New CFTC Customer Advisory

    Date 18/12/2024

    A new CFTC customer advisory suggests adding “spotting scams” to your list of New Year’s resolutions.

    The Office of Customer Education and Outreach’s Avoiding Fraud May be Your Best Resolution says that with scammers robbing billions of dollars from Americans through relationship investment scams, resolving to be careful about who you trust online, staying informed, and learning all you can about trading risks are admirable 2025 resolutions.