Tue September 17th, 2019
"The PCAOB is permanently authorized to levy fees on accounting firms in an amount necessary to offset its annual operating costs, and may spend those fees without further appropriation. Those collections are recorded in the federal budget as revenues. CBO expects that the $5 million incurred by the PCAOB to establish and administer the whistleblower program over the 2020-2029 period would be offset by increased revenues."
Sponsor: Rep. Sylvia Garcia — D — TX
Establishes a whistleblower program at the Public Company Accounting Oversight Board (PCAOB). Eligible whistleblowers would receive between 10 percent to 30 percent of the fines collected from a disciplinary proceeding if the total fines are greater than $250,000. Additionally, the bill prohibits employers from retaliating against employees who report potential violations of public company accounting laws or regulations to the PCAOB or their supervisors. The PCAOB would need to issue rules and standards necessary to implement the new whistleblower program and employee protections.
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