A letter sent by two senators addressed to Securities and Exchange Commission Chairman Jay Clayton critiques the regulator’s oversight of the Public Company Accounting Oversight Board as showing “questionable judgment and an alarming lack of transparency.”
Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.), both members of the Senate Banking Committee, sent the letter, published by Bloomberg Tax, on Oct. 17 in the wake of a Wall Street Journal report detailing whistleblower allegations against the PCAOB, which falls under the SEC’s jurisdiction. The WSJ report cites an eight-page whistleblower letter sent to the SEC in August that states the PCAOB is “permeated by a sense of fear,” due to “the numerous terminations … [some] driven by retaliation.”
