U.S. House of Representatives approves PCAOB Whistleblower Protection Act
A bill authorizing the creation of a whistleblower program for the Public Company Accounting Oversight Board (PCAOB) passed the U.S. House of Representatives by voice vote. The new law shall ensure that the PCAOB functions properly and protects consumers and workers from bad actors that could jeopardize the future stability of our public markets. Whistleblowers could get up to 30% of fines collected from a disciplinary proceeding if the total fines are greater than USD 250’000. The measure also would prohibit employers from retaliating against employees who report potential violations of public company accounting laws or regulations to their supervisors or to the oversight board.