German regulator ‘bewildered’ by US plan to scrap audit overseer

Germany’s audit regulator, Apas, expressed concern over Republican plans to dismantle the US Public Company Accounting Oversight Board (PCAOB), questioning the potential negative impact on audit quality and international cooperation. In a letter to PCAOB chair Erica Williams, Apas leaders highlighted the importance of the PCAOB’s independence and its role in safeguarding investor interests through bilateral agreements, particularly as German firms audit significant US issuers. The proposed reform, aimed at transferring oversight to the SEC, faces legislative hurdles and may affect the PCAOB’s ability to attract top talent.

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